EQT Acquiring Additional Marcellus Acres
EQT Corporation has agreed to purchase 99,000 net acres in southwestern Pennsylvania and 10 horizontal Marcellus wells in Washington County, Pa., from Chesapeake Energy Corporation and its partners. The $113 million transaction remains subject to closing conditions. The acreage includes 67,000 Marcellus acres and 32,000 dry Utica acres. $60 million is allocated to the undeveloped acreage, while the rest is for the existing Marcellus wells in the area. The acquisition is expected to close on May 30. It will include approximately 25,000 acres within EQT’s core Marcellus development areas of Washington, Greene, and Allegheny counties.
EQT Corporation is one of the largest natural gas producers in the Appalachian Basin. Headquartered in Pittsburgh, PA and operating in Pennsylvania, West Virginia, Virginia and Kentucky, EQT has used integrated air and horizontal drilling technology for more than 120 years. EQT owns approximately 3.5 million gross acres, including approximately 540,000 gross acres in the Marcellus play, more than 14,000 gross productive wells and 6.0 trillion cubic feet of proved reserves.
