Diversified Gas & Oil buys 1,300 producing wells in the US

Diversified Gas & Oil’s $1.75m acquisition of 1,300 producing wells in the US has completed.

The oil and gas wells in Ohio and Pennsylvania increases the company’s gas production by 14% to about 30,000 cubic feet per day, and oil production by 23% to about 585 barrels of per day.

They are also expected to contribute operating cash flow of about $1m per year.

The company, which floated on AIM in February raising £50m, owns and operates gas and oil producing wells in the Appalachian Basin, one of the largest oil and gas fields in the US.

Shares in Diversified Gas & Oil were up 1.52% to 67p at 0831 BST.