A submitted map of the area of the former EdgeMarc Energy's shale gas assets, purchased recently by LOLA Energy, of Canonsburg.

LOLA Energy, of Canonsburg, has closed on the acquisition of the former EdgeMarc Energy exploration and production company in Butler County.

The acquisition will be operated under the name LOLA Energy PetroCo.

The former EdgeMarc Energy, which went bankrupt in 2018, had assets, including about 22,000 mineral acres of oil and gas leases in the Marcellus and Burkett shale plays in the county; 48 proven, producing horizontal oil and gas wells; 18 drilled, yet incomplete oil and gas wells and four planned wells; and an extensive water system, including a pump station, water tanks and impoundment, and a water line network of more than 30 miles.

Of the LOLA Energy Petroco gas liquids in the acquisition, 73% is natural gas.

The remaining gases to be produced in the area are propane, butane and pentane, which will make up a combined 25% of production.

Oil condensate, which is used in oil refining, will represent a small amount of the company's production, at 2%.

“We are excited to be bringing our brand of a Locally Owned, Locally Accountable (LOLA) oil and gas company to Butler County,” said LOLA Energy CEO Jim Crockard. “Under our brand of local and accountable ownership, we will safely and efficiently continue operations and rejoin the northeastern Butler County communities, where LOLA Energy is making a substantial investment with this acquisition.”

Crockard will be the CEO of the newly named company.

“We look forward to making our presence known in a positive way,” he said.

LOLA Energy did not provide the cost of the purchase.