Kalnin Ventures Announces Agreement for Third Marcellus Asset Acquisition
Acquisition demonstrates ability to find attractive opportunities in a volatile market
DENVER, CO--(Marketwired - Mar 20, 2017) - 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.
BBanpu Pcl is a Thailand-based coal mining and power-generation company with total assets of around $6.6 billion.
Valued at $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 monetizing 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 percent 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 cubic feet per 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 recognizing us as a potentially strong non-op partner, with ability to add value through our Big Data technology which helps to analyze and drive performance."About Kalnin Ventures
Kalnin Ventures is a values‐driven firm that believes that the combination of visionary strategy, focus on execution, and balance in day‐to‐day life are the keys to creating long‐term sustainable value.
Kalnin Ventures is backed by investors with equity fund commitments of $500 million within its oil and gas fund BKV Oil and Gas Capital Partners, L.P. The company seeks to invest in attractive upstream oil and gas opportunities in North America with the goal of creating long‐term sustainable value in the energy industry. More information is available at www.kalninventures.com.
April Lynch, Pennebaker
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