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Wednesday, November 6, 2013

Utica Driller Eclipse Resources Considering IPO

From Reuters:
Eclipse Resources, an oil and gas company focused on drilling in Ohio's Utica shale formation, is considering an initial public offering that could come around the middle of next year, the company's chief executive said on Tuesday.
The company, which is backed by private equity firm EnCap Investments, has over 90,000 acres in the Utica and another 20,000 acres in the Marcellus shale, also in Ohio.
One person familiar with the matter estimated that the company could have a market capitalization of more than $5 billion.
"We think it's an exciting asset. We are looking at all options out there - an IPO certainly being one of them," Eclipse CEO Benjamin Hulburt told Reuters in an interview.
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