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Friday, September 30, 2016

Rice Energy Strikes "Transformational" Deal to Buy Vantage Energy

From the Pittsburgh Business Times:
Rice Energy executives say the key to its pending $2.7 billion acquisition of Vantage Energy is the 85,000 acres of natural gas holdings it will gain in Greene County, many of them adjacent to Rice's own holdings in the middle of the most productive part of the Marcellus Shale. 
Rice Energy (NYSE: RICE) made headlines Monday with its surprise announcement that it was acquiring Colorado-based Vantage Energy, which the company said would be a "transformational" move on the part of the Canonsburg natural gas driller. And in a conference call with analysts Tuesday, Rice executives pulled back the curtain on some of its strategy when the deal closes. One major takeaway: The acreage in Greene County, where Rice said it will focus much of its attention. 
“The fact that we can do it in our backyard makes it that much more appealing,” said Daniel Rice IV, CEO of Rice Energy.
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