Antero Resources Corporation (NYSE:AR) signed a purchase and sale agreement to acquire Oil and Gas Interests in Noble, Guernsey, and Belmont Counties, Ohio from R.E. Gas Development, LLC, MFC Drilling, Inc and ABARTA Oil & Gas Co., Inc. for $50 million.
January 03, 2017
Share
Antero Resources Corporation (NYSE:AR) signed a purchase and sale agreement to acquire Oil and Gas Interests in Noble, Guernsey, and Belmont Counties, Ohio from R.E. Gas Development, LLC, MFC Drilling, Inc and ABARTA Oil & Gas Co., Inc. for $50 million on January 3, 2017. Under the terms of the agreement, Antero will acquire 14 gross wells with associated production of 15 Mmcfe/d and approximately 6,200 gross acres. R.E. Gas Development, LLC expects to receive net proceeds at closing of approximately $30.0 million from the sale. The transaction is subject to customary closing conditions and required approvals and is expected to close in the first quarter of 2017. The proceeds from the sale of assets will be used to pay down the revolving credit of Rex Energy Corporation, the parent company of R.E. Gas Development, LLC, and general corporate purposes. Jeffrey Muñozf of Latham & Watkins LLP acted as legal advisor to Antero Resources Corporation.
Antero Resources Corporation is an independent natural gas and natural gas liquids (NGLs) company. The Company is engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. The Company targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies provide the means to economically develop and produce natural gas, NGLs and oil from unconventional formations. The Company operates through three segments: the exploration, development, and production of natural gas, NGLs and oil; marketing of excess firm transportation capacity; and midstream services through its equity method investment in Antero Midstream Corporation (Antero Midstream). The Company holds approximately 515,000 net acres of natural gas, NGLs and oil properties located in the Appalachian Basin, primarily in West Virginia and Ohio.
Antero Resources Corporation (NYSE: AR) signed a purchase and sale agreement to acquire Oil and Gas Interests in Noble, Guernsey, and Belmont Counties, Ohio from R.E. Gas Development, LLC, MFC Drilling, Inc and ABARTA Oil & Gas Co., Inc. for $50 million.
ANTERO RESOURCES CORPORATION 
