Thai Company Banpu Invests Another $16M in PA Marcellus Wells

Last May, Range Resources sold its portion of a joint venture in northeast Pennsylvania (see Thai Company Buys Out Range Resources’ JV in NEPA for $112M). Banpu Pcl, Thailand’s largest coal producer, invested $112 million to purchase Range’s Marcellus non-operated JV operations in Bradford County, PA. The “Chaffee Corners Joint Exploration Agreement” gave Banpu an ownership share in 62 producing wells and another 14 wells waiting on completion, and a share in 170+ more drilling locations. Talisman is the operator of the wells and the company that does the drilling (Banpu is just an investor). Banpu liked it so much, they did it again in January of this year (see Thai Company Banpu Makes 2nd Investment in Northeast Marcellus). The January deal gave Banpu a 10.24% stake in 10,000 acres of Marcellus leases, once again in northeastern PA, for $63 million. Chief Oil & Gas is the driller on the acreage in the second deal. We have a three-peat. Banpu, via its American agent Kalnin Ventures, has just signed an agreement to invest $16 million into a venture with Tug Hill Marcellus. The new deal does not identify the exact counties, but does say the acreage is located in northeastern PA. Once the deal closes, when you add all three deals together, Banpu says it will own partial interests in 215 operating wells producing 40 million cubic feet of gas per day. And Banpu says it’s not over yet. They plan to invest more in the Marcellus in 2017…

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