USA: Oil &Gas Expansion $210 Million Acquisition Announced by Kalnin Ventures
Kalnin Ventures has recently announced that an affiliate of its BKV Oil and Gas Capital Partners, LP fund (the 'Fund'), has entered into purchase and sale agreements withrespect to the Fund’s fifth acquisition of assets in the northeast portion of the Marcellus Shale.
Denver/USA - The company's affiliate LP fund (the 'Fund'), has entered into purchase and sale agreements for the acquisition of its fifth Marcellus asset. The Fund is financially backed by its sole investor, Banpu, a Thailand-based coal mining and power generation company with total assets of more than $6 billion.
The transaction is valued at an aggregate price of $210 million, with potential additional payments to the sellers of up to $18.75 million over the next three years depending on natural gas prices. Separate purchase and sale agreements were entered into with Carrizo (Marcellus) and Reliance Marcellus II, to acquire their respective interests in the assets, which are comprised of interests in 112 wells, including 98 producing wells, 11 drilled and uncompleted wells and three wells that are temporarily abandoned.