By Mark Christian | March 21, 2018
SEOUL, March 21 -- SK Innovation Company announced its intention to buy a 100 percent stake in Longfellow Nemaha, a U.S. gas exploration firm with acreage in Oklahoma. The transaction will be made by through SK's North American subsidiary, SK E&P America, Inc.
SK announced plans for a $4 billion dollar investment in U.S. shale during an economic mission to Wahington D.C. last year, and the Longfellow deal is their first acquisition in that growth initiative.
SK E&P America said Tuesday that it has entered into a definitive agreement to "acquire all of the outstanding membership interests of Longfellow Nemaha" in a transaction set to close in the second quarter of 2018.
SK initially invested in the growing its North American assets in 2014 by its purchace of Plymouth Exploration, and through that platform, continues to build a balanced portfolio of conventional and unconventional assets.
The President of SK E&P America, Kim Tae-won, said "This transaction leverages our operational expertise in the region and represents a significant step towards realizing SK's vision of being a top-tier operator in the U.S. lower 48 states and beyond."
The deal is set to close during the end of June.