Geopetro, LLC has acquired wells and acreage from Devon Energy
Copper Run advised Geopetro – The Company announced that they have entered into a definitive agreement with Devon Energy Corp. (“Devon”; NYSE:DVN) to acquire certain Utica shale assets in Ohio.
The package includes 3 Utica shale wells drilled in Coshocton, Guernsey, and Wayne counties, Ohio. Nate Archer, V.P., Exploration and Business Development of Geopetro, stated: “This transaction extends Geopetro’s position in the Utica and provides exciting investment opportunities. We greatly appreciate Copper Run’s expertise and persistence in getting a mutually acceptable deal done.”
Jason Stevens, Director of Energy Advisory at Copper Run, adds “The Utica Shale has transitioned from delineation to development stage, and many of the earlier wells are likely to change hands as operators reposition. Geopetro’s speed, strategy and creativity positioned it for a leading role as an emerging Utica operator.”