NGO Development Corp, Inc. has sold oil & gas assets to Diversified Gas & Oil, PLC
Copper Run advised NGO Development Corporation, Inc. – a subsidiary of Licking Rural Electrification, Inc. d/b/a The Energy Cooperative (“NGO” or the “Company”) announced that they have entered into a definitive agreement with Diversified Gas & Oil PLC (“Diversified”; AIM: DGOC) to sell certain conventional producing assets in Ohio. The transaction closed November 30, 2017.
The package includes 550 wells producing approximately 1.3 MMcfe/d net natural gas, with the core production located in Coshocton and Tuscarawas Counties in Ohio. The sale also includes the related gathering systems and conventional acreage.
Todd Ware, President and CEO of NGO, stated: “This transaction further executed The Energy Cooperative’s commitment to improve its future financial position, while allowing it to focus on its core assets. This continued focus will strengthen the Cooperative’s mission to provide safe, reliable and affordable energy to its members in Central Ohio.”
Jason Stevens, Director of Energy Advisory at Copper Run, adds “The advent of the Utica shale has changed the economics for Ohio producers. We are pleased to help The Energy Cooperative realize its strategic goals.”