Acquisition of 2,400 conventional oil and gas wells
On June 30, 2016, DGO closed on the acquisition of 2,400 conventional oil and gas wells in Pennsylvania, USA from Seneca Resources Corporation. These assets are producing approximately 10,500 MCF of natural gas per day and 45 barrels of oil per day. This is the largest acquisition for DGO to date.
As a result of this acquisition, DGO now operates over 7,500 conventional oil and gas wells in Pennsylvania, West Virginia and Ohio producing approximately 23,000 MCF per day of natural gas (3,960 Barrels of Oil Equivalent (BoE) and over 500 barrels per day of crude oil.
Rusty Hutson, Chief Executive Officer, commented the following:
“The Company continues to see strong deal flow and anticipates further acquisition opportunities in 2016”.