Westmoreland Gas has announced the successful acquisition of producing assets in West Virginia.
The assets, which were producing approximately 16 MMcfe/d as of December 31, 2018, were acquired from a private seller and provide the basis for the Company to become a premier Appalachia natural gas producer.
The Company was founded in August 2018 with the intention of purchasing producing conventional and unconventional assets, improving operations and reducing costs, and securing value-added drilling opportunities through a long-term presence in the region. Collectively, Co-CEOs Mike Shaver and Brian Akins bring more than 60 years of experience in oil and gas operations and financial markets to the table, the majority of which is experience in Appalachia where the team maintains numerous, long-term relationships.
Westmoreland is targeting future acquisitions in West Virginia and Pennsylvania that are primarily gas, operated and conventional or unconventional with established long life, low decline production profiles. The Company is pursuing acquisition sizes of $5 million to $50 million.
Westmoreland is privately owned by Mike Shaver and Brian Akins with no other equity owners. Because of the Company’s concentrated ownership, Westmoreland can move quickly with no outside approvals needed. Between the founders liquidity and support from Cross First Bank, the Company’s lender, Westmoreland has sound financial backing.
“We are very excited to start 2019 with such an exceptional asset,” said Westmoreland Gas Co-CEO’s Brian Akins and Mike Shaver. “Our experience in the region has allowed us to identify unique opportunities to continue to add value to our asset base. We are excited to add accretive assets to further expand our footprint in the basin and take advantage of the long-term increase in gas demand globally.”
Source: Company Press Release.