Ascent Resources to acquire Utica shale assets
Thursday, July 7, 2022
Ascent Resources has entered into a purchase and sale agreement with an undisclosed seller to acquire all of its Utica shale assets in Ohio for $270 million, according to Oil & Gas Journal.
The acquisition includes about 26,800 net acres in Ohio’s Utica shale and increases net production by about 60 MMcfed, according to a company release on July 1. Additionally, the deal comes with an inventory of identified drilling locations in both the Utica and Marcellus, which are expected to add high-margin cash flow in the future.
Ascent Resources currently holds about 337,000 net leasehold acres, including about 73,000 mineral acres, in the core of the southern Utica Shale.
Learn more: Oil & Gas Journal > Ascent Resources enters bolt-on acquisition of Utica shale assets
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