EQT picks up 59,600 acres in Marcellus Shale
Tuesday, November 8, 2016
EQT Corp. recently spent $683 million to buy 59,600 acres in the Marcellus Shale from Trans Energy and E&P Republic Energy to expand its empire. The bulk of the purchase is composed of 42,600 acres in West Virginia and the remainder is 17,000 acres in Pennsylvania.
According to Oil and Gas Investor, the deals may have been a response to Rice Energy’s recent $2.7 billion acquisition of Vantage Energy LLC in Greene County, Pa.
EQT’s new acreage produces 44 million cubic feet equivalent per day of natural gas and is composed of 42 wells. Of the total, 33 are producing wells. The deal includes about 55,800 undeveloped acres.
In addition to the Marcellus assets, EQT received drilling rights on an estimated 29,000 deep Utica acres.
Learn more: Oil and Gas Investor > EQT Amasses More Marcellus Acreage For $680 Million
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