Gulf Oil and Gas accountACCOUNT

CONSOL Energy Sells Its Royalty Interest to Antero

Source: www.gulfoilandgas.com 9/26/2011, Location: North America

CONSOL Energy Inc.announced that it has entered into an agreement with Antero Resources Appalachian Corp., pursuant to which CONSOL will assign to Antero overriding royalty interests (ORRI) of approximately 7% in 115,647 net acres of Marcellus Shale located in nine counties in southwestern Pennsylvania and north central West Virginia, in exchange for $193 million. The all-cash transaction closed on September 21, 2011, with an effective date of July 1, 2011.

These overriding royalty interests were acquired in connection with the acquisition of the Appalachian oil and gas exploration and production business of Dominion Resources, Inc. in April 2010, and were previously reserved by Dominion when the working interests and operating rights in the Marcellus Shale were conveyed from Dominion to Antero in 2008. This asset was excluded from the CONSOL Energy / Noble Energy joint venture announced in August 2011, so the cash proceeds accrue entirely to CONSOL Energy and its shareholders.

CONSOL will retain the existing shallow wells and formations and all other leasehold interests on the acreage, including geological formations generally above and below the Marcellus Shale. The 2008 farmout agreement between the parties was terminated and a joint use agreement has been signed regarding ongoing operations. CONSOL's financial advisor for this transaction was Stifel, Nicolaus & Company, Inc. CONSOL's legal advisor was Akin Gump Strauss Hauer & Feld LLP.



Acquisitions and Divestitures News in United States >>

Argentina >>  4/17/2019 - Equinor adds seven offshore exploration blocks to its portfolio, after presenting winning bids in the 1st Offshore Licensing Round in Argentina. ...
Argentina >>  4/16/2019 - Qatar Petroleum has won exploration rights in five offshore blocks in the North Argentina, and Malvinas West basins in Argentina. ...

Russia >>  4/16/2019 - Gazprom Neft subsidiary Gazpromneft-Zapolyarye has concluded long-term risk-based operator agreements with Gazprom PJSC subsidiaries, allowing the com...
United Kingdom >>  4/16/2019 - Union Jack Oil plc (UJO), a UK focused on-shore hydrocarbon production, development and exploration company is pleased to announce that it has conditi...

United Kingdom >>  4/16/2019 - Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to announce it has conditional...
Mexico >>  4/15/2019 - MODEC, Inc. ("MODEC), Mitsui & Co., Ltd. and Mitsui O.S.K. Lines, Ltd. (MOL) jointly announce that Mitsui and MOL have participated in a long-term ch...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 |

Oil & Gas Projects in United States >>

More News

Related Links

CA US
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.