Kalnin Ventures LLC, a Denver-based vitality funding agency backed by a $500 million fairness fund, has confirmed once more that it believes within the long-term alternative within the Marcellus. The corporate introduced that an affiliate firm has made a $210 million acquisition of sure Marcellus property. The acquisition is the fifth by the corporate up to now two years.
The property within the deal embody 112 wells (98 of that are producing), 11 drilled however uncompleted wells and three quickly deserted wells. Carrizo Oil, an impartial oil and fuel producer that’s now targeted on the Permian and Eagle Ford, bought the property.
Previously two years, Kalnin has spent $417 million within the Marcellus and in keeping with the corporate, is “poised to totally make investments its first fund because it continues to increase.”
“This deal is exclusive from our earlier 4 in that it supplies us the chance to naturally increase into an operator place whereas additionally buying extra midstream property,” mentioned Christopher Kalnin, managing director of Kalnin. He added that the corporate will improve their acquired property by way of new know-how and massive information information. “Our expertise as a non-operator, and now operator, coupled with our high-quality asset base and proprietary know-how, has put us in a compelling place to increase additional within the tremendous core of the Marcellus,” he mentioned.
Kalnin has now acquired producing wells or midstream property from Zena Vitality LLC, Radler 2000 LP-Tug Hill Marcellus LLC, Chief Exploration and Improvement LLC and Vary Assets-Appalachia LLC. This transaction offers Kalnin a complete of 355 energetic wells.
The only real investor backing Kalnin is Banpu PcL, a Thailand-based coal mining and energy technology firm that has a complete asset base of greater than $6 billion.