NEWARK, Ohio (November 30, 2017)
NGO Development Corporation, Inc., dba The Energy Cooperative, announced today that the company sold a portion of its assets to Diversified Gas & Oil Corporation in a cash transaction. The effective date of the transaction is October 1, 2017 with Diversified assuming operations of the assets on November 30, 2017. The sale includes The Energy Cooperative’s interests in 547 oil and natural gas wells plus 300 miles of pipeline in East Central Ohio.
Todd Ware, President and CEO of The Energy Cooperative, commented, “With the announced sale we further executed The Energy Cooperative’s commitment to improve our future financial position, while allowing us to focus on our core assets. This continued focus will strengthen our mission to provide safe, reliable and affordable energy to our cooperative members in Central Ohio.”
The Energy Cooperative family of companies include: Licking Rural Electrification, Inc., an electric distribution cooperative with over 25,000 members in 9 counties in central Ohio; National Gas & Oil Cooperative, a natural gas distribution cooperative with over 34,000 members in 10 counties; Producers Gas Sales, Inc., an affiliated on-system marketing company for large commercial and industrial members; NGO Propane, a propane distribution cooperative that servers over 4,000 members in 8 counties; and NGO Transmission, Inc., operating over 155 miles of natural gas transmission pipelines and three natural gas storage fields.