US-based Gateway Royalty has raised funds to snap up oil and gas acreage in the Utica shale play in Ohio.

The company has raised $35 million through a private offering to invest in shale acreage in eight counties on the play in south-eastern Ohio.

The counties where the assets – totalling some 20,000 acres – are being bought are Washington, Noble, Guernsey, Monroe, Belmont, Harrison, Carroll and Columbiana.

Gateway did not say if the purchase price was more than or less than the $35 million raised, while the seller or sellers were not disclosed.

Carrollton, Ohio-based Gateway is a royalty acquisition company specifically focused on the Utica shale play in eastern Ohio counties. Apart from the eight counties named above, it also has acreage in Jefferson County.