Texas-Based Mineral Acquisition Company Continues Activity in Appalachian Basin
MOUNDSVILLE, WEST VIRGINIA, March 2, 2021 – Peregrine Energy Partners (“Peregrine”) has agreed to acquire additional producing and non-producing oil and gas royalties in Marshall County, West Virginia from an undisclosed seller.
The acquisition features production from multiple oil and gas wells under Marcellus Shale producer, Chevron (NYSE: CVX), whose production in the region was taken over by EQT (NYSE: EQT) in October of 2020.
“We have been following EQT’s development of their Appalachian assets over the past few years and continue to be impressed with their results,” said Peregrine Co-Founder, Wolf Hanschen. “When they announced their acquisition of Chevron’s Appalachia interests in October of last year, we started looking closer at properties that would be included in this purchase, especially knowing EQT is one of the most active operators in the region.”
In this particular transaction, Peregrine worked with an industry professional whose intended goal was to clean up part of a mineral portfolio acquired many years ago.
While the royalty interests provided monthly income to the client, he was interested in a conversation around taking a lump sum payout and reinvesting the proceeds into non-passive assets.
Peregrine Managing Director, Josh Prier, commented, “Peregrine is excited about this particular set of properties because they fit well within our acquisition criteria. Shallow declines, a best-in-class operator, and legacy reserves.” Prier added, “We expect this to be an asset that provides solid cashflow for years to come and will continue to look for additional similar opportunities both here in West Virginia and nationwide.”
About Peregrine Energy Partners
Peregrine Energy Partners are private purchasers of oil and natural gas royalties with over 50 years of combined experience. Over the past 16 years, the company’s founders have enjoyed working with hundreds of mineral owners in 30 states across millions of acres. To learn more about Peregrine Energy Partners, please visit www.peregrinelp.com.