Kalnin Ventures LLC, backed by Thailand-based Banpu Pcl, said March 20 it reached an agreement on its third Marcellus asset acquisition.

For $16 million, Kalnin agreed to acquire a nonoperating portfolio in the Northeast Marcellus shale play of Pennsylvania from Radler 2000 LP, an affiliate of Tug Hill Inc. The purchase is comprised of interests in more than 177 wells operated by seven "established" Marcellus operators.

Upon closing, Kalnin will have a stake in 215 active wells, including five waiting on completion, with net production of more than 40 million cubic feet per day.

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The acquisition follows Kalnin's $63 million purchase in January of interests in more than 170 wells from Chief Exploration and Development LLC. In addition, the company also acquired a stake in a Marcellus JV from Range Resources Corp. (NYSE: RRC) for $112 million in May 2016.

Christopher Kalnin, managing director and founder of Kalnin Ventures, said the company expects to announce more transactions in 2017.

"It is exciting to see us executing on our goal of increasing core acreage in the Marcellus play," Kalnin said in a statement. "As we expand our foothold in the region, more operators are recognizing us as a potentially strong nonop partner, with ability to add value through our big data technology which helps to analyze and drive performance."

Kalnin is backed by investors with equity fund commitments of $500 million within its oil and gas fund BKV Oil and Gas Capital Partners LP, according to the release.