Diversified Gas & Oil Strikes Two Appalachian Deals For $180 Million

In an investor presentation in January, Diversified Gas & Oil Plc. (DGO) gave its acquisition targets the code names “007” and “Mountaineer” — adding a touch of intrigue to the $180 million it’s staking in the Appalachian Basin. In mid-February, the company said it entered an agreement to buy its “007” target, Alliance Petroleum, a subsidiary of Lake Fork Resources Acquisition, for $95 million. The deal includes $70 million cash and the assumption of $25 million of debt. The deal will add 13,000 producing, operated wells in Pennsylvania, West Virginia and Ohio, according to DGO, which is traded on the London Stock Exchange (AIM) and has a head office in Birmingham, Ala. In a second February deal, DGO said it acquired 11,000 producing, operated wells — its “Mountaineer” target—from CNX Resources Corp. (NYSE: CNX) for $85 million. The transactions, both of which DGO expects to close in March, will increase the company’s HBP position to about 4 million acres, a 147% increase from its 1.6 million-acre legacy assets.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/diversified-gas-ampamp-oil-strikes-two-appalachian-deals-for-180-million/