From Rice Energy today:
CANONSBURG, Pa., July 7, 2014 /PRNewswire/ -- Rice Energy Inc. (NYSE: RICE) today announced that it has signed a definitive purchase and sale agreement to acquire approximately 22,000 net acres and 12 developed Marcellus wells in western Greene County, Pennsylvania, from Chesapeake Appalachia, LLC and its partners for approximately $336 million. We expect to close the transaction in August 2014, subject to customary closing conditions, with an effective date of February 1, 2014.
Toby Rice, President and Chief Operating Officer, commented, "This transaction is consistent with our strategy of acquiring high-quality shale assets. We are adding a significant number of drilling locations within an area we have been successfully developing since 2009. The acquired assets provide us with a foothold to pursue additional leasehold opportunities and further grow our inventory of low-risk, high-return projects."
Acquisition Financing and Leasehold Update
We intend to fund the acquisition through a combination of cash on hand, borrowings under our revolving credit facility and are evaluating the equity capital markets. We are still on track to achieve our goal of organically adding 30,000 net leasehold acres this year.
About Rice Energy
Rice Energy Inc. is an independent natural gas and oil company engaged in the acquisition, exploration and development of natural gas and oil properties in the Appalachian Basin. For more information, please visit our website at www.riceenergy.com.
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
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Concerned Citizens of Medina County, a grass-roots group.
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Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
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