Ascent Resources has signed definitive agreements to acquire Utica Shale oil and natural gas properties, with a price tag of $1.5 billion, according to the Youngstown Business Journal.
The acquisition includes 113,400 net leasehold acres and royalty interests on approximately 69,400 fee mineral acres, spanning the dry gas, wet gas, and oil windows in the over-pressured core of the Utica shale play. It also involves the acquisition of 93 operated wells and net production of approximately 216 million cubic feet of natural gas per day, 19 percent of which are liquids.
The deal encompasses holdings from Hess Corp., CNX Resources, Utica Minerals Development, and a fourth undisclosed seller. The deals are expected to close in the third quarter.