Kalnin Ventures acquires fourth Marcellus asset
Tuesday, May 23, 2017
Kalnin Ventures LLC recently purchased its fourth non-operating asset in the Marcellus Shale in just over 22 months in the oil and gas play, according to the Farm and Dairy. The company acquired the asset for $16.25 million from Zena Energy LLC, on behalf of Banpu Pcl, Thailand-based coal mining and power-generation company.
The purchase is in line with Kalnin’s strategy to acquire profitable assets that will generate cash immediately. The transaction includes interests in 34 wells and access to nearly 1,000 acres in Wyoming County, Pennsylvania.
In addition to its recent acquisition, Kalnin holds interest in 241 active wells with six others waiting on completion.
Learn more: Farm and Dairy > Thai energy company buys wells in Pa. Marcellus shale
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.