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Tuesday, September 11, 2018

CNX Closes on Sale of Utica Shale Assets to Ascent Resources

From the Pittsburgh Business Times:
CNX Resources Corp., along with Ohio partner Hess Corp., has closed on the sale of its joint venture interests in the Utica Shale basin in eastern Ohio. The interest sold to Ascent Resources for $400 million. 
The sale was previously announced in June. 
According to a release, the divestiture includes 50 net producing wells with an average net revenue interest of 48 percent, five 50 percent working interest wells, two 50 percent interest wells and about 26,000 undeveloped acres. 
CNX, according to the release, expects the proceeds from the sale to be used to pay down debt, continue the ongoing share repurchase program, invest in drilling and completion activities or to make bolt-on acreage acquisitions as opportunities become available.
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