Geopetro, LLC has acquired wells and acreage from Chesapeake Energy
Copper Run advised Geopetro LLC – the company closed a transaction with Chesapeake Appalachia, L.L.C. (“Chesapeake”; NYSE:CHK) to acquire certain producing Upper Devonian and Utica shale assets in Pennsylvania and Ohio. The transaction closed October 27, 2016.
The package includes 22 producing wells making an average of 24 MMcf/d Net during the first half of 2016. Included in the acquisition are 5 proven non-producing (PNP) wells and approximately 37,000 net acres producing/HBP/HBO. The PNP wells are drilled and completed and are awaiting pipeline connection. All assets are located Columbiana County, Ohio and Beaver County, Pennsylvania.
Nate Archer, VP, Exploration and Business Development, at Geopetro, stated: “This is a significant and exciting acquisition for Geopetro. Copper Run was a great partner to us. Their tenacity and insight helped us get this deal done.”