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Diversified Gas & Oil said it had acquired the assets of EdgeMarc Energy for $50m.
Under the agreement, DGO would acquire EdgeMarc's natural gas development, production and exploration assets for a total cash consideration of $50m.
The assets to be acquired include 12 gross producing unconventional Utica natural gas wells and related facilities in Monroe and Washington counties within the State of Ohio, as well as certain undeveloped lands containing deep Utica rights.
'The acquired wells are located in close proximity to DGO's existing wells in Ohio and will benefit from the Company's asset concentration and economies of scale within the Appalachian Basin,' the company said.
'We are acquiring these wells at a fraction of the cost incurred to develop them and yet given their long-life nature, we will reap the margin-enhancing benefit from them for years to come,' it added.