Diversified Gas & Oil Closes on Alliance Petroleum Acquisition

Closing follows February 2018 announcement of proposed Alliance
Petroleum, CNX Resources acquisitions

BIRMINGHAM, Ala.–(BUSINESS WIRE)–#energynews–Diversified Gas & Oil PLC (AIM: DGOC) (“Diversified” and the “Company”),
a U.S.-based acquirer and operator of oil and gas producing assets, on
March 6, 2018, closed a $95 million cash purchase of Alliance Petroleum
(“Alliance”).

Diversified’s acquisition of Alliance’s conventional, producing wells,
combined with the previously announced and upcoming acquisition of
similar assets from CNX Gas Company, LLC (“CNX”), will increase the
Company’s total net daily production by nearly 175 percent to
approximately 170,000 Mcfe or 28,000 Boe. Similarly, the combined
acquisitions will increase Diversified’s total proved developed
producing reserves by nearly 220 percent to 173 million Boe.

Alliance’s and CNX’s wells are geographically situated within
Diversified’s existing footprint in the Appalachian Basin, and are
concentrated in Ohio, Pennsylvania and West Virginia.

In addition to the producing wells, Diversified welcomes all of
Alliance’s full-time employees, adding 165 talented people to its
existing team. The enlarged company will continue to serve the
communities within which it operates in a responsible and equitable
manner.

“We are pleased to close on the Alliance purchase, which further
establishes Diversified as a capable consolidator of large packages of
mature producing wells. Importantly, this transaction allows us to
preserve valuable jobs in the region as we welcome to the Diversified
family the Alliance team of professionals who have built and run a
high-quality operation,” said Rusty Hutson, CEO and founder of
Diversified, and a fourth-generation Appalachian Basin oil and gas
industry veteran. “As committed stewards to our investors, our
communities and our employees, this acquisition aligns perfectly with
our existing operations and growth strategy.”

Diversified expects to close on its $85 million cash transaction to
acquire CNX’s assets on March 30, 2018.

About Diversified Gas & Oil

Diversified Gas & Oil (AIM: DGOC) acquires and operates oil- and
gas-producing assets in the Appalachian Basin of the United States.
Diversified employs a disciplined investment strategy to acquire
conventional and unconventional low-risk wells, enhance operations
efficiently and maximize profitability for its shareholders. Founded in
2001, Diversified operates approximately 18,000 producing wells with the
highest standards of safety, governance and transparency. For more
information, visit us online at www.diversifiedgasandoil.com.

Contacts

For Diversified Gas & Oil PLC
Nicole Wyatt, 205-588-2327
nicole@markstein.co