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Title SK E&P America, Inc., Executes Definitive Agreement to Acquire Membership Interests of Longfellow Nemaha, LLC Date 2018-03-20

SK E&P America, Inc. (“SK” or the “Company”), a wholly owned subsidiary of SK innovation Co., Ltd, announced today that it has entered into a definitive agreement to acquire all of the outstanding membership interests of Longfellow Nemaha, LLC (“Longfellow”), a private oil and gas exploration and production company with assets in the prolific STACK play in Kingfisher and Garfield Counties in Oklahoma. SK innovation is a leading energy and petrochemical company engaged in businesses that span the value chain, including upstream production, refining, chemicals, lubricants, and batteries to power the future. It is an affiliate of SK Group, which is the second largest business group in South Korea.

The transaction is expected to close in the 2nd quarter of 2018 and will represent a significant expansion in SK’s core focus area in the U.S. Mid-Continent region.

Taewon Kim, President of SK E&P America, said “SK initially invested in the growing U.S. oil & gas upstream market in 2014, and through this platform we continue to build a balanced portfolio of conventional and unconventional assets.  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 U.S. Lower 48 Mid-Continent region and potentially beyond.”

Moelis & Company acted as exclusive financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to SK for the transaction.  

About SK E&P America, Inc.

SK E&P America, SK Innovation’s U.S. subsidiary, entered the U.S. market in March 2014 by acquiring oil and gas assets in Oklahoma (SK Plymouth LLC) and Texas (SK Permian LLC). SK has established itself as a leading US operator with a deep expertise in unconventional resource development and technologies. 

About SK innovation Co., Ltd

Established as South Korea’s first oil refining company in 1962, SK Innovation engages in diverse areas of business, including exploration and production (E&P), batteries, and information and electronics materials. It owns SK Energy, South Korea’s No.1 refining company, SK Global Chemical, the leader in the domestic petrochemical industry, SK Lubricants, a global lubricants company, SK Incheon Petrochem, a refining and chemical company, and SK Trading International, a trader of crude oils and petrochemicals. As part of their management system, SK Innovation pursues the maximization of happiness for all stakeholders. It is for this reason that SK Innovation recognizes the importance of and pays attention to social enterprise, a way to create social values through business.