Minard Run Oil Co. of Bradford has announced the purchase of certain assets from Pennsylvania General Energy Co. LLC of Warren.
Officials said the assets purchased by Minard Run Oil Co. consist of 195 thousand acre position in six northern counties, including Clarion, Forest, Warren, McKean, Venango and Potter. The field consists of 1,283 identified, shallow stacked pay drilling locations in a concentrated area. It consists of all production and upside from sands less than 2,100 feet.
The Upper Devonian oil and gas properties and related assets had been owned and operated by PGE since 1992. The sale to Minard Run was effective as of Jan. 26.
In making the announcement, Meredith Fesenmyer, president of Minard Run Oil Co. on behalf of the board of directors and board chairman Frederick W. Fesenmyer, said the acquisition when combined with the purchase of certain gas producing properties in the Finger Lakes region of New York state in 2016, allows Minard Run to realize significant growth while it adds to the 142-year history of the company.
Officials said the acquisition assures Minard Run will play a significant role in the conventional shallow oil and gas industry for many years to come.
