EQT Corp. agreed to buy 99,000 net acres in southwestern Pennsylvania and 10 horizontal Marcellus wells in Washington County, Pa., from Chesapeake Energy Corp. and partners.
The $113 million transaction remains subject to closing conditions. The acreage includes 67,000 Marcellus acres and 32,000 dry Utica acres, said EQT.
Of the total purchase price, $60 million is allocated to the undeveloped acreage, while the rest is for the existing Marcellus wells.
The transaction is expected to close on May 30. The acquisition includes approximately 25,000 acres within EQT's core Marcellus development areas of Washington, Greene, and Allegheny counties.
Upon closing, EQT anticipates drilling four wells on the new acreage late this year.