Gary Company Completes Kentucky Deal
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA subsidiary of Gary-based Sterling Energy Group Inc. has acquired Viking Gas Pipeline LLC and Viking Oil and Gas LLC in Kentucky. The deal includes dozens of miles of natural gas pipeline, a plant and more than 90 oil and gas wells. June 30, 2014
News Release
GARY, Ind. – Sterling Energy Group, Inc., a green energy independent power producer, through its wholly owned subsidiary, Kentucky Natural Gas and Oil Incorporated, has today completed the purchase of Viking Gas Pipeline, LLC, and Viking Oil and Gas, LLC. The acquired Companies, doing business as Kentucky Blue Gas, produce oil and gas from wells on leased property. Approximately 6500 acres of leases, held by production, are assets of the acquired Companies. Oil is pumped into tanks near wells and transported by trucks and sold to a refinery. The natural gas is transported via a pipeline gathering system. Sterling Energy Group, Inc. plans to connect this pipeline to the pipeline owned by its existing subsidiary, Gulf Star Oil and Gas, LLC and flow all natural gas to an existing industrial customer.
The acquisition includes 70 miles of natural gas pipeline, a liquid stripping plant, 91 oil and gas wells, and other assets required for the production of oil and natural gas from these fields near Bowling Green, KY. Combined assets of existing and acquired Companies will include more than 100 miles of natural gas pipeline, 115 wells, oil and natural gas reserves under more than 10,000 acres of owned and leased land.
“We're delighted to have completed the purchase of these Companies and to have preserved the jobs in Kentucky, while supplying the area, our Customer, and the public with clean domestic energy,” said Robert Long, Executive Vice President & COO of Sterling Energy Group, Inc.
Sterling Energy Group, Inc. is a privately held energy company. Sterling owns and operates a pipeline, an oil and natural gas field, and independently produces electricity as an “exempt wholesale generator”. Sterling chooses opportunities based on its ability to introduce its proprietary technologies to clean up emissions on existing facilities and the ability to utilize opportunity fuels that reduce carbon. This blended with combined heating and power, through the use of thermal loops, where more conventional fuels are required is good for plant viability, creation and preservation of jobs, sustainable electricity at competitive prices and improvement of the environment.
Source: Sterling Energy Group Inc.