Rice Energy Inc. is buying Marcellus acreage in southwestern Pennsylvania from Chesapeake Energy for about $336 million, the Canonsburg-based driller said Monday.
Rice plans to acquire about 22,000 net acres and 12 developed Marcellus wells in Greene County from Chesapeake Appalachia.
The deal will expand Rice’s footprint in the region by 24 percent, and increase its inventory by 47 percent, according to the company.
The acreage includes net production of about 20 million cubic feet per day from seven wells, plus five additional wells in various stages of development.
"This transaction is consistent with our strategy of acquiring high-quality shale assets,” said Toby Rice, president and chief operating officer, in a statement. “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."
The company said it’s “on track to achieve our goal of organically adding 30,000 net leasehold acres this year.”
Stephanie Ritenbaugh: email@example.com or 412-263-4910