PENN TWP — A subsidiary of Exxon Mobil has bought 342 acres from the former Spang & Co.

The property, known to many Butler County residents as the Rath Farm, is on Hicks Road, just south of a row of car dealerships along Route 8.

Mountain Gathering LLC, which is named on the deed as the buyer and now owner of the property, is a subsidiary of XTO Energy, a gas and drilling company in Wexford, which in turn is a subsidiary of Exxon Mobil.

Mountain Gathering bought the property in late October for $3.1 million.

Jeff Neu, public and government affairs adviser for XTO Energy, said the company is “evaluating this acreage to determine its value in our diverse, balanced portfolio of development opportunities.

“Our operations support the country’s economic recovery, strengthen energy security and help meet environmental goals through responsible development of clean-burning natural gas,” Neu said.