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BKV Company has accomplished its $370 million acquisition of Bedrock Vitality Companions’ Barnett shale belongings, including 97,000 web acres and 108 MMcfed of manufacturing to its portfolio. The deal consolidates BKV’s place as the biggest pure gasoline producer within the Barnett shale, whereas increasing its drilling and refracturing stock.
The acquired belongings embody 1,121 producing places with low decline charges and an estimated 800 Bcfe of proved reserves. Midstream infrastructure can be a part of the bundle, offering BKV with operational synergies throughout its present acreage. The transaction provides roughly 50 new drill places and 80 refrac candidates, with estimated break-even prices that enhance on BKV’s present portfolio.
“This consolidation strengthens our management within the Barnett and helps our technique of disciplined progress in basins the place we have now present infrastructure and operational experience,” stated Chris Kalnin, BKV CEO.
The acquisition marks one other step within the ongoing consolidation of U.S. shale gasoline belongings, significantly in mature basins just like the Barnett, the place scale and effectivity are key to long-term growth.
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