Closing of Acquisition

RNS Number : 5531C

Diversified Gas & Oil PLC

18 April 2017

 

18 April 2017

Diversified Gas & Oil PLC

("DGO" or the "Company")

Closing of Acquisition

Diversified Gas & Oil PLC (AIM: DGOC), a US based gas and oil producer, is pleased to confirm the closing of the acquisition of the package of 1,300 producing oil and gas wells in the states of Ohio and Pennsylvania (the "Acquisition"), initially announced on 24 February 2017.  

The Acquisition increases DGO's gross gas production by 14% to approximately 30,000 Mcfd and gross oil production by 23% to approximately 585 bopd and is expected to contribute operating cash flow for the Company of approximately $1.0 million per annum. 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	+ 1 [phone]
Smith & Williamson Corporate Finance Limited (Nominated Adviser & Joint Broker) Russell Cook Katy Birkin	[phone]
Mirabaud Securities LLP (Lead Broker) Peter Krens Edward Haig-Thomas	[phone]
Buchanan (Financial Public Relations) Ben Romney Chris Judd Henry Wilson [e-mail]	[phone]

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.

 

END

 

 

ACQOKFDNPBKKPQD