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Consol Closes The Joint Develop of Marcellus Acreage

Source: www.gulfoilandgas.com 10/3/2011, Location: North America

CONSOL Energy Inc. (CNX) announced that it has closed on its previously announced agreement with Noble Energy, Inc. (NBL) to jointly develop CONSOL's Marcellus Shale assets in Pennsylvania and West Virginia for aggregate payments to CONSOL of approximately $3.3 billion.

In the transaction, Noble Energy acquired a 50% interest in 628,000 net Marcellus Shale acres owned by CONSOL in consideration for approximately $1.0 billion, payable in three annual installments, the first of which was paid at the closing. Both the acreage and the consideration are subject to customary adjustment for revenues, expenses, lease consents, preferential rights and title matters. CONSOL also conveyed to Noble Energy a 50% interest in its existing producing Marcellus Shale wells for approximately $160 million and a 50% interest in its existing Marcellus Shale gathering system for approximately $72 million. CONSOL and Noble Energy have also entered into a joint development agreement pursuant to which Noble Energy will pay approximately $2.1 billion in the form of a 1/3 drilling carry of certain CONSOL working interest obligations as the acreage is developed. The effective date of the transaction is July 1, 2011.

"We are very pleased to have closed this transaction on schedule," commented J. Brett Harvey, CONSOL's chairman and chief executive officer. "As we have worked with Noble Energy's team over the last six weeks to put this joint venture together, we have seen that we share similar corporate cultures -- with a strong commitment to safety and compliance -- and we share a common vision for the accelerated development of these assets. We are more confident than ever that this joint venture will create significant value for CONSOL Energy shareholders."

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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 


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