Pin Oak Energy Announces the Closing of the Acquisition of Nearly 70,000 Net Acres in the Northern Trend of the Utica/Point Pleasant Play in Ohio and Pennsylvania

AKRON, Ohio–(BUSINESS WIRE)–Pin Oak Energy Partners LLC (Company or Pin Oak Energy) announces that
it has closed on a series of transactions in early February 2018 with
multiple sellers. The transactions include the acquisition of nearly
70,000 net acres (90% HBP) prospective for Utica/Point Pleasant
development in Ohio and Pennsylvania, additional midstream assets in
northern Pennsylvania including two (2) taps into Tennessee Gas Pipeline
along with associated gas processing capabilities, and thirty-three (33)
conventional wells in Ohio that produce from the deep Knox Group of
geologic formations.

Pin Oak Energy CEO, Christopher Halvorson, stated, “These acquisitions
add a significant development component to our existing acreage position
along with expanded midstream assets and capabilities in a key growth
area for Pin Oak Energy. This is a pivotal moment for our Company as we
materially add acreage to our future development position.”

Leasehold Acreage

In addition to other areas, the transactions include leasehold acreage
in Mahoning and Trumbull Counties, Ohio and Mercer County, Pennsylvania,
all of which are part of Pin Oak Energy’s northern Utica/Point Pleasant
position. Leasehold acreage in eastern Guernsey County Ohio was also
included, which adds to Pin Oak’s southern Ohio Utica/Point Pleasant
activities. Also included were associated pipeline rights-of-way in and
around Pin Oak’s expanding acreage position.

Midstream Assets

Midstream assets were added by acquiring gas processing facilities and
multiple taps into interstate pipelines across Pin Oak’s northern
Pennsylvania position. Two taps that deliver into Tennessee Gas Pipeline
(“TGP”) stations west of TGP Station 313 each have the capability of up
to 100 MMcf/d. An additional tap in Elk County, Pennsylvania delivers
into one of National Fuel Gas Supply Corporation’s interstate pipelines.

Conventional Wells

Lastly, the acquisitions included 33 vertical, conventional producing
wells targeting the Knox Group of geologic formations (Rose Run,
Beekmantown and Trempealeau) in southern Ohio with an average producing
depth of 8,500’. This acquisition provides producing assets, additional
offset drilling locations and deep acreage primarily in eastern
Muskingum County, Ohio, targeting Knox formations that underlie the
Utica/Point Pleasant.

“These acquisitions provide Pin Oak Energy with greater opportunities
and offer us optionality that we believe will be beneficial to the
Company for years to come. We are very pleased with our continuing
efforts of executing our growth strategy in both the conventional and
unconventional arenas,” says Mark Van Tyne, Pin Oak Energy’s Chief
Business Development Officer.

About Pin Oak Energy

Pin Oak Energy Partners LLC (“Company”) is an Appalachian Basin energy
company engaged in the exploration and production of conventional and
unconventional oil and natural gas wells and the operation of associated
assets. The Company currently operates 393 wells producing over 13.0
MMcfe/d (9% liquids) across more than 119,000 net acres (113,000 net,
deep acres). Pin Oak Energy also operates more than 22 miles of
midstream assets with 15 interconnects into interstate pipelines across
its Appalachian Basin position. The Company is involved in field
services and operations through its affiliate companies. Visit Pin Oak
Energy at www.pinoakep.com

Contacts

Pin Oak Energy Partners LLC
Mark Van Tyne, 1-888-748-0763 Ext. 701
[email protected]