Antero Resources to buy Marcellus assets

By OGJ editors
HOUSTON, Dec. 2
-- 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.

Related Articles

Devon, Crosstex complete merger of midstream assets

03/07/2014 Devon Energy Corp., Oklahoma City, and Crosstex Energy LP, Dallas, have completed the merger of their midstream assets to form general partner EnLi...

Baker Hughes: US drilling rig count edges down to 1,769

02/28/2014

The US drilling rig count gave up 2 units to settle at 1,769 rigs working during the week ended Feb. 28, Baker Hughes Inc. reported.

PwC: US M&A activity down in 2013 despite strong finish

02/10/2014 The US oil and gas industry finished 2013 strong when it came to mergers and acquisitions, but the late-year push to a total of 182 deals totaling ...

Baker Hughes: US drilling rig count dips to 1,771

02/07/2014

The US drilling rig count fell 14 units to 1,771 rigs working during the week ended Feb. 7, Baker Hughes Inc. reported.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected