Spain’s Repsol has bought shale oil and gas assets from U.S. firm Rockdale Marcellus for $222 million, a company spokesperson said, confirming a report from Marketline.
Repsol will pay $220 million in cash and assume an additional $2 million in debt, he said. The assets were sold by Rockdale Marcellus as part of a Chapter 11 process.
The assets are located near an area in Pennsylvania where Repsol already operates a shale field.
Rockdale Marcellus was formed with the acquisition of Royal Dutch Shell Plc’s operated Marcellus properties in Tioga, Lycoming and Bradford counties in Pennsylvania in 2017. The company filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the Western District of Pennsylvania in September 2021.
According to its website, Rockdale Marcellus owns and operates producing wells on a contiguous acreage position of about 48,000 gross acres with roughly 100% working interest. Current production as of March 2021 was approximately 110 MMcf/d with over 100 future drilling locations identified in the Marcellus dry gas shale formation.
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