Kalnin Ventures LLC has signed a Purchase and Sale Agreement (PSA) on its fourth acquisition of a non-operating portfolio in the northeast portion of the Marcellus Shale, on behalf of its BKV Fund and investor Banpu Pcl.
Banpu Pcl is a Thailand-based coal mining and power-generation company with total assets of approximately $6.6 billion.
Valued at $16.25 million, the agreement was executed with Zena Energy LLC a subsidiary of LSB Industries Inc. as the seller and is comprised of interests in 34 wells, operated by Warren Resources.
Other terms of the deal include net production to interest of approximately six million cubic feet per day, 33 BCF of 1P reserves and access to nearly 1,000 net contiguous acres in the productive Marcellus Shale area of Wyoming County.
With the addition of this fourth acquisition, Kalnin Ventures will hold an interest in 241 active wells with 6 additional wells waiting on completion. The transactions provide Kalnin Ventures with net production to interest of more than 50 million cubic feet per day.
In less than two years, Kalnin Ventures has executed four transactions and deployed more than $200 million of equity toward its strategy of building a scalable model of acquiring, managing, and monetizing non-operated portfolios.
The acquisition follows Kalnin's transactions with Radler 2000 LP - Tug Hill Marcellus LLC; Chief Exploration and Development LLC; and Range Resources - Appalachia LLC, all located in the Marcellus Shale.