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Tuesday, November 1, 2016

Murray Energy Selling Off Over 5,900 Utica Shale Acres

From The Intelligencer:
To help pay off debt in an effort to avoid bankruptcy, coal miner Murray Energy Corp. will sell more than 5,900 acres worth of Utica Shale natural gas reserves in Belmont and Monroe counties for $63.6 million.

Murray officials declined to identify the buyer, but public records show the firm leased approximately the same number of acres to Gulfport Energy Corp. for fracking in October 2014. Officials with Oklahoma City-based Gulfport could not be reached for comment. 
The selling price would be approximately $10,800 per acre. 
“We are pleased that we were able to reach this agreement, which will provide us with additional liquidity and will allow us to further focus our efforts on our core business and to de-lever our balance sheet,” said Robert D. Moore, Murray executive vice president, chief operating officer, and chief financial officer.
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