Rice Energy Acquires Undeveloped Marcellus Acreage
Drilling Activity Details
Greene
PA
United States
Drilling Activity Summary
Description
Cannonsburg, Pa.-based Rice Energy Inc. is acquiring acreage in Greene County, Pa., from a bankrupt coal company, Alpha Natural Resources. Rice Energy is paying $200 million in cash for interests in 27,400 net undeveloped Marcellus Shale acres, plus an additional 3,200 gross acres that are leased to Rice Energy. In addition, the newly acquired acreage includes the drilling rights to the deeper Utica Shale on 23,500 acres. According to Rice, the core acreage is directly adjacent to an existing proved, developed Marcellus position in Greene County. Alpha Natural Resources filed for bankruptcy protection in August 2015.
Cannonsburg, Pa.-based Rice Energy Inc. is acquiring acreage in Greene County, Pa., from a bankrupt coal company, Alpha Natural Resources. Rice Energy is paying $200 million in cash for interests in 27,400 net undeveloped Marcellus Shale acres, plus an additional 3,200 gross acres that are leased to Rice Energy. In addition, the newly acquired acreage includes the drilling rights to the deeper Utica Shale on 23,500 acres. According to Rice, the core acreage is directly adjacent to an existing proved, developed Marcellus position in Greene County. Alpha Natural Resources filed for bankruptcy protection in August 2015.