Eclipse Resources Corp. recently announced it entered into definitive agreements with Sequel Energy Group LLC to establish a joint drilling venture on the company’s Utica Shale acreage in Guernsey and Monroes counties in southeast Ohio, according to Oil and Gas Investor.

The joint venture encompasses funding of up to $285 million from Sequel for two drilling programs comprised of 34 oil and natural gas wells. The agreement also includes a mutual option for a third well, which would have approximately 16 wells increasing the funding commitment.

Eclipse will act as the operator of all wells drilled within each program.

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