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  1. Rice Energy to buy Vantage Energy for $2.7 billion

    Rice Energy Inc. , Canonsburg, Pa., has agreed to acquire Englewood, Colo.-based shale gas producer Vantage Energy LLC and Vantage Energy II LLC for $2.7 billion, including the assumption of debt. In connection with the deal, Rice Midstream Partners LP (RMP) will purchase the acquired midstream assets from Rice Energy for $600 million. Both deals are expected to close in the fourth quarter. Vantage’s exploration and production assets include 85,000 net core Marcellus shale acres in Greene County, Pa., with rights to the deeper Utica shale on 52,000 net acres and 37,000 net acres in the Barnett shale . Their second-quarter net production totaled 399 MMcfed, of which 65% was from Appalachia and 35% from the Barnett. The midstream package to be acquired by RMP includes 30 miles of dry gas gathering and compression assets. Rice Energy in turn will dedicate the acquired Pennsylvania acreage to RMP for gas gathering, compression, and water services. Following completion of the deals, Rice Energy will control 231,000 net acres in the Marcellus and Ohio Utica cores with an inventory of 1,164 drilling locations, and RMP will control a core dry gas Marcellus position covering 199,000 acres in Washington and Greene counties. “Our transaction financings are meant to strengthen Rice Energy's balance sheet even further, including positioning us to capture an additional 20,000-40,000 acres of leasehold adjacent to our existing position,” said Daniel J. Rice IV, Rice Energy chief executive officer, following the Vantage deal. Rice Energy has increased its Marcellus drilling and completion capital investments for 2016 by $40 million to reflect ongoing activity on the acquired acreage. In 2017, Rice Energy expects a drilling and completion budget of $950 million–1.125 billion and net production of 1.280–1.355 bcfd of gas equivalent, which is 70% above its increased 2016 estimate based on the midpoint of the guidance. Vantage in May outbid Rice Energy for Pennsylvania Land Resources LLC, a subsidiary of bankrupt Alpha Natural Resources Inc., in a $339.5-million transaction. The deal comprised leasehold interest in 27,400 net undeveloped Marcellus acres, including rights to the deep Utica on 23,500 net acres, in central Greene County. Formed through investments by private equity firms Quantum Energy Partners, Riverstone Holdings LLC, and Lime Rock Partners, Vantage entered the Barnett in 2007 and Marcellus in 2010. The firm filed an initial public offering this month after previously canceling one 2 years earlier because of falling commodity prices. Contact Matt Zborowski at matthewz@ogjonline.com .

    Online Articles

    Online Articles

    Mon, 26 Sep 2016

  2. Rice Energy acquires Vantage Energy

    Rice Energy has entered into a purchase and sale agreement to acquire Vantage Energy LLC and Vantage Energy II LLC for approximately $2.7 billion, including the assumption of debt.

    Online Articles

    Online Articles

    Mon, 26 Sep 2016

  3. Oil and Gas News: In gas drilling country, the honeymoon is over on royalties

    A few months ago, the nation's second-largest natural gas producer siphoned $2,201 worth of gas from his 240-acre property — but paid him only $359 after taking deductions for transportation and processing.

    Online Articles

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    Mon, 26 Sep 2016

  4. BetaZi, P2 Energy Solutions team up

    Basin Studies provide full production forecasts on every well for each significant US oil and gas basin.

    Online Articles

    Online Articles

    Mon, 26 Sep 2016

  1. Atlantic Coast Pipeline hires main construction contractor

    Online Articles

    Online Articles

    Thu, 22 Sep 2016

  2. BHI: US rig count up 5 to 511

    The overall US drilling rig count gained 5 units to 511 rigs working during the week ended Sept. 23, according to Baker Hughes Inc. data. Three gas-directed and 2 oil-directed units began operations.

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    Fri, 23 Sep 2016

  3. Atlantic Coast Pipeline signs construction contract with Spring Ridge Constructors

    Atlantic Coast Pipeline, which has proposed a 600-mile natural gas transmission pipeline to bring much-needed energy to Virginia and North Carolina, announced it has signed a construction contract with Spring Ridge Constructors, LLC.

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    Wed, 21 Sep 2016

  4. 1Derrick US M&A weekly update

    1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of September 12 – September 16.

    Online Articles

    Online Articles

    Mon, 19 Sep 2016

  5. Antero to buy Marcellus nonoperated interest from Statoil

    Antero Resources Corp., Denver, has agreed to acquire certain nonoperated interest in the Marcellus shale in West Virginia from Statoil ASA for $96 million in cash. The deal is expected to close by the end of the third quarter.

    Online Articles

    Online Articles

    Mon, 1 Aug 2016

  6. EIA now provides estimates of drilled but uncompleted wells in major production regions

    Starting this month, EIA's Drilling Productivity Report (DPR) includes monthly estimates of the number of drilled but uncompleted wells in the seven DPR regions.

    Online Articles

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    Wed, 14 Sep 2016

  7. Oil & Gas News: Statoil completes sale of non-core U.S. onshore assets

    Statoil and Antero Resources Corporation completed their previously announced transaction, whereby Statoil has sold some of its non-operated oil & gas interests in the U.S. to Antero.

    Online Articles

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    Fri, 16 Sep 2016

  8. Reinhart joins Magnum Hunter Resources as CEO

    Magnum Hunter Resources Corp. has hired John K. Reinhart as president and CEO of the company.

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    Wed, 7 Sep 2016

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