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Carbon acquires natural gas assets

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Hydrocarbon Engineering,

Through its affiliate Carbon Appalachian Company, LLC, Carbon Natural Gas Co. (Carbon) has completed the acquisition of natural gas producing properties, natural gas gathering pipelines, and related facilities, located predominantly in West Virginia, US, for approximately US$41 300 000. This deal is subject to normal and customary pre- and post-closing adjustments.

Current daily net production is 99% gas. As of 30 June, the company estimates that the properties have 275 billion ft3/d of proved developed producing reserves as determined by the company’s qualified reserves evaluator using SEC pricing. The acquisition includes approximately 3100 miles of natural gas pipelines and related compression facilities and approximately 780 000 acres of leases, of which approximately 84% are held by production.

The acquired assets will be integrated into Carbon’s existing Southern Appalachian Basin operations and midstream infrastructure.

Effective with the closing of the transaction, Carbon increased its current ownership in Carbon Appalachian to 19.37%. Carbon has the ability to earn additional ownership interests of Carbon Appalachian after a return threshold is met.

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