Thai energy company buys wells in Pa. Marcellus shale

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Wyoming County, Pennsylvania
Wyoming County, Pennsylvania

DENVER — Kalnin Ventures LLC is purchasing interest in 34 wells in the Marcellus shale, the fourth such acquisition in just over 22 months in the oil and gas play. The wells are located in Wyoming County, Pennsylvania, in the northeastern corner of the shale play.

As a result of this deal, Kalnin Ventures will hold an interest in 241 active wells, with six additional wells awaiting completion.

The purchase, announced May 16, was made on behalf of its BKV Fund and investor Banpu Pcl, a Thailand-based coal mining and power-generation company.

Valued at $16.25 million, the agreement covers 34 wells owned by Zena Energy LLC, a subsidiary of LSB Industries Inc. The wells are currently operated by Warren Resources.

Other terms of the deal include net production of approximately 6 million cubic feet per day, reserves and access to nearly 1,000 contiguous acres in the Marcellus Shale area of Wyoming County.

The acquisition follows Kalnin’s transactions with Radler 2000, Tug Hill Marcellus; Chief Exploration and Development; and Range Resources Appalachia.

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