SEATTLE (Oil Monster): WhiteHawk Energy, LLC announced acquisition of additional Marcellus Shale natural gas mineral and royalty assets. The total purchase value is estimated at around $54 million. The acquisition will boost its mineral and royalty ownership in the existing 475,000 gross acre position by 100%. The assets are mainly located in Washington and Greene counties, Pennsylvania.
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Daniel C. Herz, Chief Executive Officer of WhiteHawk stated that the assets include all the ideal mineral and royalty attributes and is expected to generate significant cash flow with no additional capital expenditures. The existing assets have performed well since its acquisition in 2022. The company is pleased to increase its ownership under some of the best natural gas operators in the world, Herz added.
The company’s Marcellus Shale assets are predominately operated by EQT, Range Resources, and CNX Resources.
Earlier during the year, WhiteHawk had acquired natural gas mineral and royalty assets in the Haynesville Shale, covering approximately 375,000 gross unit acres. The assets are being developed by Southwestern Energy, Chesapeake Energy, Aethon Energy Management and Comstock Resources.
The company currently owns stake in around 850,000 gross unit acres within core operating areas of the Marcellus Shale and Haynesville Shale.
