Gilbert Oil & Gas To Acquire Up To 30% Stake In Plugging And Abandonment Company

Published: Oct 11 2017
Deal Summary

Gilbert Oil & Gas Company, LLC, an oil and gas company and a wholly-owned subsidiary of American Energy Partners, Inc., entered into an agreement to acquire up to a 30% stake in a company whose business operations include plugging and abandonment of oil and gas wells in Ohio, Pennsylvania and West Virginia, the US.

The transaction will enable Gilbert Oil & Gas to strengthen its business operations. The transaction is expected to be completed in the second half of fourth quarter of 2017.

Brad Domitrovitsch, chairman and CEO of American Energy Partner, said, "We continue to source opportunities that drive revenues inside American Energy. This investment is a continuation of our diversified energy model.”

Josh Hickman, president of Gilbert Oil & Gas, said, "AEPT is investing in a cash positive growth company that intends to vertically integrate the oil and gas mortuary services market in one of the largest oil and gas regions in the country. This will position the company for significant growth as the plugging and abandonment market continues to expand due to increases in regulations."

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