LOLA Energy recently added roughly 22,000 net mineral acres of oil and gas leases in the NGL-rich window of the Marcellus and Burkett shale to its Appalachia portfolio through the acquisition of an E&P company with operations in Pennsylvania’s Butler County.
“We are excited to be bringing our brand of a locally owned, locally accountable oil and gas production company to Butler County,” Jim Crockard, CEO of LOLA Energy, said in a statement in a March 23 company release.
Newly formed LOLA Energy III LLC recently closed on the acquisition, per the company release, of 100% of equity membership interests of an E&P company with operations in Butler County, Pa. Financial and other terms and conditions of the sale are confidential among the parties to the transaction.
The acquired company, which according to LOLA’s website consisted of the former EdgeMarc Energy assets, immediately changed its name to LOLA Energy PetroCo LLC to rebrand as a LOLA Energy owned and operated company. LOLA Energy will operate the acquired company and be led by industry veteran Crockard, who prior to founding LOLA was a 15-year senior executive with EQT Corp.
“Under our brand of local and accountable ownership, we will safely and efficiently continue operations and rejoin the northeastern Butler County communities where LOLA Energy is making a substantial investment with this acquisition,” continued Crockard adding, “we look forward to making our presence known in a positive way.”
LOLA, which stands for “locally owned, locally accountable,” is an oil and gas operating company headquartered in Canonsburg, Pa., that focuses on horizontal shale development and operations in the Appalachian Basin. Originally formed in 2015, the company has gone through several transformational changes, most notably the formation of LOLA Energy III LLC in January 2021.
According to the company website, LOLA Energy III was formed to acquire the former EdgeMarc Energy assets in Butler County, Pa., via an acquisition of Key EM Energy LLC, now renamed LOLA Energy PetroCo LLC.
In the March 23 release, LOLA said the acquired company’s assets and operations include:
- Approximately 22,000 net mineral acres of oil and gas leases in the NGL rich window of the Marcellus and Burkett shale plays in Butler County, Pennsylvania;
- 48 proved developed producing horizontal oil and gas wells with over 300,000 feet of completed pay and current production of approximately 85 MMcfe/d, with multiple wells choked back and/or curtailed as the Revolution Pipeline owned by ETC Northeast Pipeline LLC, a subsidiary of Energy Transfer LP , began recommissioning operations earlier this month;
- 18 drilled and uncompleted horizontal oil and gas wells and four top set planned horizontal oil and gas wells; and
- An extensive water system, including a water pump station, water tanks and impoundment, and a 30+ mile water line transfer network.
LOLA Energy III was backed by a group of local equity investors brought together by Muddy Creek Energy Investments LLC, also based in Canonsburg, Pa., and the LOLA Energy III management team.
For the Butler County acquisition, LOLA Energy said it was represented by Buchanan Ingersoll & Rooney PC in Pittsburgh.
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