United Energy Buys 140-Mile Oklahoma Natural Gas Pipeline
United Energy announced it signed a purchase agreement for a 140-mile natural gas pipeline in Wagoner County, Oklahoma, formerly owned by Red Fork Energy.
This asset has 140+ miles of 3" to 16" transmission lines, including a 12" steel pipeline – capacity up to 20 MMcfd and comprises 5,000+ acres leasehold, and 89 company-owned wells with substantial Woodford Shale development opportunities. Closing is expected in October pending final due diligence.
"Natural Gas midstream assets are true gems in the current environment,” said Brian Guinn, CEO of United Energy Corporation. “Acquisition of the Wagoner Pipeline also opens numerous opportunities for stranded gas that hasn't been able to capitalize on current commodity prices."
In August, United Energy announced the acquisition of a strategic asset combination in the Cherokee Basin, located in Northeastern Oklahoma and Southeastern Kansas. The Company purchased Entransco Energy, LLC, serving as the Company's licensed Operator in Oklahoma and Kansas, adding 250+ Coalbed Methane Gas (CBM) wells, 32,000 acres, 118 miles of pipeline and related oil and gas assets to its portfolio.
In addition, United acquired 80 wells and 10,000 acres of CBM-producing wells from Montclair Energy – a project formerly known as ROCCS, the Rogers County Coal Seam Project.
The Entransco acquisition also included 49% ownership in an additional 200,000 acres of non-operated oil and gas leases, 2,200+ wells and 1,000+ miles of natural gas pipelines formerly owned by Constellation Energy Partners and Newfield Exploration.
United forecasts 2.5+ MMcfd within Q4 and another 2+ MMcfd with the reactivation of the Wagoner Pipeline.
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