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Friday, November 7, 2014

3rd Quarter Results from Antero Resources

From an Antero Resources press release:
Marcellus and Utica Acreage Update 
Since the second quarter 2014 operations update release on July 17, 2014, Antero has increased its Marcellus acreage position by 17,000 net acres resulting in 386,000 total net acres in the southwestern core of theMarcellus Shale play.  Pro forma for these net acreage additions, approximately 30% of Antero's total net acreage was associated with proved locations and approximately 10% with proved developed locations at mid-year 2014.  Approximately 73% of the Marcellus total net acreage, or 282,000 net acres, is believed to contain processable rich gas assuming an 1100 Btu cutoff. 
Additionally, since the second quarter 2014 operations update release, Antero has increased its Utica acreage position by 15,000 net acres resulting in 134,000 total net acres in the core of the Utica Shale play.  Included in the net acreage additions is a recently closed acquisition with an undisclosed third-party for a consolidated 12,000 net acre position in the rich gas core totaling $185 million.  The Company funded this transaction using its credit facility.  Pro forma for these net acreage additions, approximately 10% of Antero's total net acreage was associated with proved locations and approximately 4% with proved developed locations at mid-year 2014.  Approximately 76% of the Utica total net acreage, or 102,000 net acres, is believed to contain processable rich gas assuming an 1100 Btu cutoff.
Click here to read the whole press release.

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