Consol closes Dominion Appalachian purchase

By OGJ editors
HOUSTON, May 3 –
Consol Energy Inc., Pittsburgh, has closed the purchase of Dominion Resources Inc.’s Appalachian exploration and production business for $3.475 billion.

The acquisition will hike Consol’s proved gas reserves more than 50% to 3 tcf and double its potential gas resource base to 41 tcf. The acquisition includes 1.46 million acres of leases and more than 9,000 producing wells.

The acquired wells are expected to produce more than 41 bcfe in 2010, about 27 bcfe of which are to accrue to Consol between May 1, 2010, and the end of the year.

The deal, announced in March, will also triple Consol’s development assets in the Marcellus shale fairway to 750,000 acres in Pennsylvania and West Virginia (OGJ Online, Mar. 15, 2010).

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