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Alabama company acquires Appalachian natural gas assets for $180M


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Alabama company acquires Appalachian natural gas assets for $180M

Diversified Gas & Oil Plc agreed to acquire Alliance Petroleum and the conventional Appalachian assets of CNX Resources Corp. for a total of $180 million, according to a Feb. 12 news release.

The assets provide 107 MMcfe/d of production. With the deal, Diversified's total proved developed producing assets would increase by about 220% to 173 million barrels of oil equivalent.

"Both Alliance Petroleum and CNX Resources' Appalachian assets provide a broad base of producing wells that complement our existing portfolio of assets and would significantly increase our net production, related cash flows and allow us to progress our dividend to shareholders," said Diversified CEO and founder Rusty Hutson.

The Alliance acquisition, costing $95 million, is expected to close March 7, while the $85 million deal with CNX Resources expected to close March 31. The company said its combined production after the deal would be about 170 MMcfe/d.

Diversified Gas & Oil acquires and operates oil- and gas-producing assets in the Appalachian Basin of the United States.