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Antero Closes The Marcellus Midstream Asset Sale

Source: www.gulfoilandgas.com 3/26/2012, Location: North America

Antero Resources announced that it has closed the previously announced sale of its midstream assets, located in Harrison and Doddridge Counties, West Virginia to Crestwood Midstream Partners LP (CMLP) and Crestwood Partners LLC (Crestwood Holdings) for $376.8 million in cash plus an earn-out provision which would allow Antero to earn additional purchase price payments of up to $40 million based upon average annual production levels achieved during 2012 and 2013. The sale to Crestwood includes an Area of Dedication of approximately 127,000 gross acres, or 104,000 net acres, or slightly less than 50% of Antero’s current 223,000 net acre leasehold position in the Marcellus Shale play.

Following the midstream closing and application of proceeds to the repayment of bank debt, Antero has approximately $720 million of undrawn bank commitments and over $1.0 billion of unused borrowing base capacity under its credit facility net of $21 million in letters of credit outstanding.

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