Reincarnated Antero Resources gets funds

A reborn Antero Resources has secured a $1 billion line-of-equity funding program it plans to use to develop nonconventional resource plays in the US Midcontinent and Rocky Mountains.

Aug 15th, 2007

By OGJ editors
HOUSTON, Aug. 15 -- A reborn Antero Resources Corp., a private Denver independent, secured a $1 billion line-of-equity funding program it plans to use to develop nonconventional resource plays in the US Midcontinent and Rocky Mountains.

The original Antero Resources, formed in 2002 and funded in 2003, was focused on the Barnett shale and became that play's second largest producer and second most active operator when sold to XTO Energy Inc. in April 2005 for more than $1 billion.

Since the sale, the present Antero group has been developing properties in the Arkoma basin of Oklahoma and Piceance basin of Colorado.

Antero operates 11 drilling rigs and has gross operated production of 34 MMcfd in the Arkoma basin Woodford shale play and 20 MMcfd in the Piceance basin. It has more than 120,000 net acres of leasehold, has identified more than 2,800 proved, probable, and possible gross drilling locations, and has acquired or is in the process of acquiring over 250 sq miles of 3D seismic data.

Antero also owns more than 40 miles of gathering pipeline and 100 MMcfd of gas processing capacity in the Arkoma and 20 miles of gathering pipeline in the Piceance.

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