Eclipse Resources sells Utica acreage
STATE COLLEGE, Pennsylvania -- Eclipse Resources has completed the sale of approximately 9,900 net acres in eastern Noble County and western Monroe County, Ohio, for approximately $63.8 million. The buyer was not disclosed.
The assets sold were predominately undeveloped acres in the Utica shale formation and included de minimis net production of approximately 1,000 Mcfed. Proceeds from the sale will be used to fund operations and for general corporate purposes.
Benjamin W. Hulburt, chairman, president and CEO, said, “We are excited to complete this non-core acreage divestment that further enhances our liquidity as we prepare to accelerate our growth in the coming year. The acreage we divested was not in our near-term drilling program, did not permit us to drill wells with lateral lengths that meet our internal planning requirements, and would have required future lease extension payments."
