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Fund backed by Thai energy company to buy Marcellus production assets for $105M

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Fund backed by Thai energy company to buy Marcellus production assets for $105M

Kalnin Ventures LLC struck a purchase and sale agreement for assets in the northeast Marcellus Shale through its BKV Oil and Gas Capital Partners LP fund, a deal valued at $105 million.

The sale would encompass exploration and production company Warren Resources Inc.'s entire northeast Marcellus position and could include two additional payments of $3.75 million each over the next two years, subject to natural gas prices. The assets are in Wyoming County, Pa., with 35 producing wells, development potential through 23 proven and undeveloped well locations, and projected net natural gas production of more than 200 MMcf/d.

Upon deal closing, the fund would operate more than 115 producing wells and hold interests in 330 gross wells across 60,000 net acres, according to a Dec. 12 news release.

The acquisition is the Kalnin fund's sixth within 30 months and raises its Marcellus investments to date to $522 million. The fund is solely supported by Banpu PCL, a Thai coal and power company.

The deal is scheduled to close by the end of December.