In February 2017, the Company’s ordinary shares were admitted to trading on the AIM Market of London Stock
Exchange (AIM) having successfully raised $50 million equity from blue-chip institutional investors.
In April 2016, DGO acquired approximately 1,300 conventional natural gas and oil wells in Ohio, in addition to equipment, from Eclipse Resources.
The total consideration amounted to $4.8 million.
In June 2016, DGO acquired 2,200 conventional natural gas and oil wells, in addition to pipeline assets, located in Pennsylvania from Seneca Resources. The total consideration paid amounted to $3.55 million.
In 2015, DGO successfully listed a corporate bond in London on the ISDX Growth Market. The Company raised approximately £10.5 million via the bond.
The proceeds of the Bonds were used to purchase oil and gas producing assets in Ohio, reduce high yield debt and provide alternative sources of funding for acquisitions as part of the Group’s wider growth strategy.
In June 2015, DGO acquired 732 conventional natural gas and oil wells from Broadstreet Energy based in Ohio. The total consideration paid amounted to $2.6 million, which comprised cash of $600,000 and a short-term loan note of $2 million.
In November 2015, DGO acquired 1,709 conventional natural gas and oil wells and two buildings in Pennsylvania and West Virginia in addition to equipment and automobiles from Texas Keystone Inc.
As part of and in connection with this Keystone transaction, between December 2015 and January 2016, DGO also acquired certain overriding royalty interests in these wells and the Indiana, Pennsylvania real estate from Falcon Partners Trust and acquired certain of the leases and wells (including working interests and net revenue interests) related to those wells from Keystone Energy Oil & Gas, Inc. The total collective consideration paid in these transactions amounted to $725,000.
The acquisition of Operated Equity Investment (“Fund 1”) was completed in September 2014.
The transaction included the acquisition of 316 conventional oil and gas producing wells in West Virginia and an equity interest in four horizontal Marcellus wells drilled and operated by Antero Resources. The purchase price was $4.3 million.
DGO expanded into Ohio by acquiring the conventional assets of AB Resources for $14.5 million. The acquisition added over 700 wells to DGO’s portfolio, approximately 1,600 mcfe per day, and around 35,000 acres of conventional drilling. DGO employed 6 additional members of staff to provide infrastructure support to its geographical expansion.
This acquisition was followed by the $5.2 million acquisition of Deep Resources Inc., resulting in an additional 321 wells and 83 net barrels of oil per day in Ohio.