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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. Atlantic Coast Pipeline hires main construction contractor

    Atlantic Coast Pipeline LLC, which has proposed a 600-mile, 1.5-bcfd natural gas transmission pipeline to bring Marcellus- Utica shale gas to Virginia and North Carolina, has signed a construction contract with Spring Ridge Constructors LLC, a joint venture of pipeline construction companies Price ...

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    Thu, 22 Sep 2016

  4. 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.

    Online Articles

    Online Articles

    Wed, 21 Sep 2016

  1. EIA counts 5,000 DUC wells in major US shale regions

    Online Articles

    Online Articles

    Tue, 13 Sep 2016

  2. 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

    Online Articles

    Wed, 14 Sep 2016

  3. Reinhart joins Magnum Hunter Resources as CEO

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

    Online Articles

    Online Articles

    Wed, 7 Sep 2016

  4. Total exercises preemption rights in Barnett JV with Chesapeake

    Total E&P USA said it is exercising its preemption right to acquire Chesapeake Energy Corp.’s 75% interest in the jointly held Barnett shale operating properties near Fort Worth. Total already owns the remaining 25% and will become the operator.

    Online Articles

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    Fri, 9 Sep 2016

  5. EVEP closes Utica East Ohio divestment for $575 million

    EV Energy Partners LP has closed the sale of its entire 21% interest in Utica East Ohio Midstream LLC (UEO), to Utica Gas Services LLC, a subsidiary of Williams Partners LP, and M3 Ohio Gathering LLC, for total cash consideration of $575 million. EVEP's net capital contribution to UEO was ...

    Online Articles

    Online Articles

    Thu, 11 Jun 2015

  6. Williams to buy more of Utica East

    Williams Partners LP agreed to buy an additional 21% interest in Utica East Ohio Midstream LLC from EV Energy Partners LP for $575 million.

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    Mon, 6 Apr 2015

  7. Chesapeake to sell Marcellus and Utica shale assets for $5.375B

    Chesapeake Energy Corp. has executed a purchase and sale agreement to sell assets in the Southern Marcellus shale play and a portion of the Eastern Utica shale play in West Virginia to Southwestern Energy Co. for aggregate proceeds of $5.375 billion.

    Online Articles

    Online Articles

    Thu, 16 Oct 2014

  8. Midstream JV lets contract for Utica plant

    Utica East Ohio Midstream LLC (UEO) has let a $5 million engineering and procurement support contract to ENGlobal Corp., Houston, for a cryogenic gas processing plant in Leesville in southwestern Carroll County, Ohio.

    Online Articles

    Online Articles

    Wed, 24 Jul 2013

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