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Antero Resources to buy Marcellus assets

By OGJ editors
-- Antero Resources LLC, a private Denver independent, is buying Bluestone Energy Partners, a private company with Marcellus shale acreage in West Virginia and Pennsylvania.

The transaction closed on Dec. 1. Antero paid $93 million, assumed $25 million of subordinated debt, and issued 3.8 million of Antero Resources units.

Bluestone’s assets include producing properties with 19 MMcfd of gross operated production (13 MMcfd net including nonoperated production) from 93 operated vertical and 3 operated horizontal wells.

The transaction involved 40,000 net acres in the Marcellus natural gas play with 96% of it in West Virginia. About half of the total acreage is in production.

Antero expects to add 20 bcf of gas equivalent of proved developed producing reserves by yearend.

With the Bluestone acquisition, Antero controls 168,000 net acres in the Marcellus play and has 80 MMcfd of gross operated production (56 MMcfd net) from the Marcellus.

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