Hess and CONSOL Energy Enter into Joint Venture in Utica Shale in Ohio
businesswire.com
NEW YORK--( BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today it has entered into an agreement with CONSOL Energy Inc. to acquire a 50 percent interest in CONSOL’s nearly 200,000 acres in the Utica Shale in eastern Ohio for aggregate payments of $593 million...
...Hess will pay CONSOL $59 million at closing, which is expected in October, and $534 million in the form of a 50 percent drilling carry of certain CONSOL working interest obligations over a five year period. The joint exploration and development plan calls for Hess to operate approximately 80,000 acres in Jefferson, Harrison, Guernsey and Belmont counties while CONSOL will operate approximately 120,000 acres elsewhere in eastern Ohio, including Portage, Tuscarawas, Mahoning and Noble counties. Appraisal drilling is expected to commence in the fourth quarter...
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PDC Energy Enters the Utica Shale Play in Southeastern Ohio With Lease Acquisitions of Up to 30,000 Net Acres
globenewswire.com
DENVER, Sept. 7, 2011 (GLOBE NEWSWIRE) -- Petroleum Development Corporation (dba PDC Energy) ("PDC" or the "Company") (Nasdaq: PETD) today announced the Company has executed agreements with multiple parties to acquire acreage targeting the wet gas (liquid rich) and oil phases of the Utica Shale play in multiple counties throughout southeastern Ohio...
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