Ascent Resources LLC announced on Friday that it would acquire 113,400 net Utica Shale acres for $1.5 billion in a package of deals with multiple sellers, ballooning the company’s position in the play to more than 300,000 net acres and becoming one of the country’s largest private exploration and production (E&P) companies in the process.
The deals, cut with Hess Corp., CNX Resources Corp., Utica Minerals Development and another undisclosed seller are expected to close in the third quarter. The package also includes 93 operated wells and 216 MMcfe/d of production, including 19% liquids.
CEO Jeff Fisher said the bolt-on was a “milestone” for the company, which had its beginnings in 2013 when the late Chesapeake Energy Corp. co-founder Aubrey McClendon started a predecessor company to develop affiliates across the country with basin-specific strategies.
“We continue to consistently deliver basin-leading well results through our best in-class operations and after completion of these acquisitions, we will become one of the largest privately held E&P companies in the U.S. in terms of asset size and net production,” Fisher said.Read more by clicking here.
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