Infinity Natural Resources, Inc (“Infinity” or the “Company”) (NYSE: INR) announced that it has acquired Chase Oil Corporation’s working interest in Infinity’s South Bend field in Pennsylvania through an all-stock transaction valued at approximately $36 million. The transaction is effective January 1, 2026.
Infinity said the acquisition marks the company’s first use of equity as consideration to advance its post-IPO expansion plan. The deal follows Infinity’s previously announced $1.2 billion pending acquisition of Antero Ohio, disclosed in December, and supports the company’s broader strategy of building scale in the Appalachian Basin through targeted consolidation.
The acquired interest includes 18 producing wells, which delivered approximately 14 MMcf/d of net natural gas production in December 2025. Infinity also noted near-term development activity in the field, with three additional wells currently in progress and expected to begin sales in the first half of 2026.
Beyond current production, the transaction adds long-dated drilling potential. Infinity stated that the acquired acreage position supports an estimated 40 additional gross Marcellus locations and 38 gross Utica locations, strengthening its future inventory in key stacked-play development zones.
The acquisition also consolidates acreage in one of Infinity’s core dry gas areas in Pennsylvania. The deal adds 1,613 net Marcellus acres and 1,613 net Utica acres, bringing Chase’s working interest into Infinity’s operated footprint and improving operating continuity across the South Bend field.
Commenting on the announcement, Zack Arnold, President and CEO of Infinity, said the deal supports the company’s consolidation strategy in the Appalachian Basin. “This bolt-on acquisition allows us to use our equity currency for the first time to consolidate our core dry gas position in Pennsylvania and execute our post-IPO strategy,” Mr Arnold said. “The transaction adds high NRI leases that contribute immediate production and EBITDA in 2026, while being accretive in both 2026 and 2027. We remain focused on disciplined growth through acquisitions that strengthen and complement our existing portfolio.”
Infinity Natural Resources is a growth-focused independent energy company with operations concentrated in the Appalachian Basin. The company is active in the Utica Shale in eastern Ohio, along with stacked dry gas positions in the Marcellus and Utica Shales in southwestern Pennsylvania, and focuses on building free cash flow through a combination of development and strategic acquisitions.
