Chesapeake Appalachia has sold over 30,000 shale acres and more than two dozen wells to California-based Geopetro.
According to a statement seen by Natural Gas Intelligence, Geopetro said it has purchased 22 producing wells that had an average production of 24 million cubic feet per day during the first half of 2016.
Chesapeake Appalachia is a subsidiary of Oklahoma-based Chesapeake Energy.
One of the acquired wells produces oil and gas from the Upper Devonian shale play while the others primarily produce from the Utica play.
Geopetro told Natural Gas Intelligence that it also acquired five drilled and completed wells that are currently waiting to be connected to pipelines.
According to Columbus Business First, the wells are located in Columbiana County, Ohio and Beaver County, Pennsylvania.
Geopetro said in a statement given to Columbus Business First that the acquisition “is a tremendous growth opportunity. It fundamentally alters our production operations from primarily conventional production in Central Ohio to primarily unconventional natural gas production.”
The terms of the deal have not been disclosed.
The acquisition closed on October 27, according to Natural Gas Intelligence.