Kalnin Ventures LLC today announced it has signed a Purchase and Sale Agreement (PSA) on its third acquisition of a non-operating portfolio in the northeast Marcellus shale play of Pennsylvania, on behalf of its investor Banpu Pcl.
Banpu Pcl is a Thailand-based coal mining and power-generation company with total assets of around US$6.6 billion.
Valued at US$16 million, the agreement was executed with Radler 2000 LP - Tug Hill Marcellus, LLC as the seller and is comprised of interests in more than 177 wells, operated by seven established Marcellus operators.
The acquisition agreement follows Kalnin's most recent transaction with Chief Exploration and Development LLC and continues Kalnin Ventures' momentum in building a scalable model of acquiring, managing, and monetising non-operated portfolios for international entities such as Banpu Pcl.
These transactions were preceded by Kalnin Venture's March 2016 purchase of a 29.4% stake from Range Resources - Appalachia, LLC, also in the Marcellus Shale of Pennsylvania.
Once closed, Kalnin Ventures will have an interest in 215 active wells with five waiting on completion. The transactions provide Kalnin Ventures with net production to interest of more than 40 million ft3/day. "This agreement demonstrates our ability to find the attractive opportunities in a rather volatile market, and we expect to announce more transactions in 2017," said Christopher Kalnin, Managing Director and founder of Kalnin Ventures LLC. "It is exciting to see us executing on our goal of increasing core acreage in the Marcellus play. As we expand our foothold in the region, more operators are recognising us as a potentially strong non-op partner, with ability to add value through our Big Data technology which helps to analyse and drive performance."
Read the article online at: https://www.worldcoal.com/coal/28032017/kalnin-ventures-announces-agreement-for-third-marcellus-asset-acquisition/