Sentinel Peak Resources California to acquire the Seneca’s California oil and gas assets of National Fuel for $310m.

Sentinel Peak Resources California, an oil and gas exploration company, agreed to acquire the Seneca’s California oil and gas assets of National Fuel, a diversified energy company, for $310m. “Our California operations and the team supporting them have been a terrific asset to Seneca over the three-plus decades that we have owned them, generating substantial free cash that supported our significant investment in the Appalachian Basin. However, given the strength of commodity prices, and the continued growth of Seneca’s Appalachian position, the timing was right to pursue a sale. Proceeds from this transaction will help accelerate our deleveraging efforts and provide us additional financial flexibility in the near-term,” David P. Bauer, National Fuel Gas President and CEO.