Diversified Energy acquires Appalachian basin properties
Diversified Energy Co. PLC agreed to acquire operated natural gas properties and related infrastructure in the Appalachian basin from Summit Natural Resources.
The acquisition includes 300 net producing wells within Diversified's operational footprint in Virginia and West Virginia and 265 net producing Coal Mine Methane (CMM) wells in Alabama. Wells producing from CMM qualify for alternative energy credits, the company said.
This asset package will be purchased for about $45 million which will be funded through cash on hand and current liquidity. Current net production from the properties is about 2,000 boe/d with 11 MMboe of reserves.
The acquisition is expected to close during first-quarter 2025.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
