Murray Energy parts with Utica Shale assets for $63.6M
Thursday, November 10, 2016
Murray Energy Corporation closed out October by unloading 5,900 acres of its Utica Shale natural gas holdings in Belmont and Monroe Counties in Eastern Ohio with a price tag of $63.6 million, according to a Murray Energy Corporation press release.
Murray Energy will receive three different payments — $48.6 million when the deal closes, one payment of $7.5 million in 2017 and one payment of $7.5 million in 2018.
The selling price works out to roughly $10,800 per acre.
Murray will use the money from the sale to reduce its current debt.
Learn more: Satellite Press Releases > Murray Energy Corporation Agrees to Sell Utica Shale Reserves in Eastern Ohio for $63.6 Million
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