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31 Mar 2017 07:00
31 March 2017
Diversified Gas & Oil PLC
("DGO" or the "Company")
Β
Acquisition of producing Gas and Oil Wells in Ohio and Pennsylvania
Diversified Gas & Oil PLC (AIM: DGOC), a US based gas and oil producer, announced on 24 February 2017 the acquisition of the package of 1,300 producing gas and oil wells in the states of Ohio and Pennsylvania (the "Acquisition"). The Company is pleased to confirm that the Acquisition will close on or before 14 April 2017.
As previously announced, the Acquisition will increase DGO's gross gas production by 14% to approximately 30,000 Mcfd and gross oil production by 23% to approximately 110 bopd. The cash consideration of $1.75m has been met from the Company's existing resources.
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
Diversified Gas & Oil PLC Rusty Hutson Jr., Chief Executive Officer Brad Gray, Finance Director www.diversifiedgasandoil.com Β | + 1 (205) 408 0909 Β |
Smith & Williamson Corporate Finance Limited (Nominated Adviser & Joint Broker) Russell Cook Katy Birkin Β | +44 20 7131 4000 Β |
Mirabaud Securities LLP (Lead Broker) Peter Krens Edward Haig-Thomas Β | +44 20 3167 7221 Β |
Buchanan (Financial Public Relations) Ben Romney Chris Judd Henry Wilson dgo@buchanan.uk.com Β | +44 20 7466 5000 Β |
About Diversified Gas & Oil
Diversified Gas & Oil PLC owns and operates gas and oil producing wells in the Appalachian Basin, one of the largest oil and gas fields in the US. The Company was founded in 2001 and has grown rapidly in recent years, capitalising upon opportunities to acquire conventional, low risk gas and oil producing assets. DGO was admitted to trading on AIM in February 2017, raising $50 million from institutional and other investors.
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