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Gilbert O&G Company, LLC Enters into Plugging & Abandonment Purchase Agreement
Gilbert O&G Company, LLC Enters into Plugging & Abandonment Purchase Agreement.
About this update from American Energy Partners, Inc.
[{"type":"text","content":"\n\n\n\nGilbert O&G Company, LLC Enters into Plugging & Abandonment Purchase Agreement\n\n\n\n\n\nGilbert O&G Company, LLC Enters into Plugging & Abandonment Purchase Agreement\nPR Newswire\nALLENTOWN, Pennsylvania, October 11, 2017\n\n\n\nALLENTOWN, Pennsylvania, October 11, 2017 /PRNewswire/ --\n\nAmerican Energy Partners, Inc. (OTC: AEPT) (the \"Company\", \"American Energy\" or \"AEPT\"), a diversified energy company, today announces that its wholly owned subsidiary Gilbert O&G Company, LLC (\"Gilbert\") has entered into an agreement to purchase up to a 30% equity position in a plugging & abandonment company with its current market focus in Ohio, Pennsylvania and West Virginia.\n\n\"We continue to source opportunities that drive revenues inside American Energy. This investment is a continuation of our diversified energy model,\" states American Energy Partner's Chairman and CEO, Brad Domitrovitsch.\n\nPlugging and abandoning (\"P&A\") an oil or gas well creates a permanent barrier between the previously producing formation and any coals, fresh water strata or the surface.  There are a number of ways in which the permanent barrier can be created.  The most common is to place a cement plug for many hundreds, if not thousands, of feet inside the wellbore over the top of the producing formation.\n\n\"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\" says Josh Hickman, President of Gilbert Oil & Gas Company.  \n\nThe deal is scheduled to close in the second half of the fourth quarter and will be accretive to 2018 earnings.\n\nAmerican Energy Partners, Inc. (AEPT) \nAEPT and its group of companies focus on providing solutions in markets where energy production and water meet technology.  Collectively, the subsidiaries are engaged in the energy sector as well as the design, construction and operation of regional water treatment facilities that serve the industrial, energy and government sectors.\n\nHydration Corporation of PA, LLC (\"HCPA\") is engaged in the businesses of water exploration...