Diversified Gas & Oil acquired Ohio natural gas development, production and exploration assets from EdgeMarc for $50m.

Diversified Gas & Oil, the US-based owner and operator of natural gas, natural gas liquids, and oil wells as well as midstream assets, acquired Ohio natural gas development, production and exploration assets from EdgeMarc, an oil and gas exploration, production, and distribution services provider, for $50m. Rusty Hutson, CEO of the Diversified Gas & Oil commented: "We are excited about the opportunity to bring these highly productive and complementary wells into our geographically concentrated and highly efficient Northern operations and at an attractive purchase price relative to their current cash flow and PV10 values. The wells are consistent with our acquisition strategy in terms of adding high-quality, long-life assets to the portfolio. We are acquiring these wells at a fraction of the cost incurred to develop them and yet given their long-life nature, we will reap the margin-enhancing benefit from them for years to come. Further, the value added to this transaction from the zero-cost capital outlay for the DUCs makes this acquisition even more attractive to DGO."