EQT Corp. (EQT) reported signing a definitive deal for the purchase of around 99,000 net acres in southwestern Pennsylvania and 10 horizontal Marcellus wells, in Washington County, PA, from Chesapeake Energy Corp. (CHK) and its partners for about $113 million. The acreage consists of 67,000 Marcellus acres and 32,000 dry Utica acres. Of the total purchase amount, $60 million is allocated to the undeveloped acreage, whilst the remaining $53 million is for the existing Marcellus wells.
The transaction, which may close on May 30, 2013, includes nearly 25,000 acres within EQT's core Marcellus development areas of Washington, Greene, and Allegheny counties. This core acreage is conducive to development through the Company's preferred use of multi-well pad drilling and extended laterals. The rest of 42,000 Marcellus acres are unlikely to be developed due to near-term lease expirations or a scattered footprint, the company said. Three of 10 the Marcellus wells are currently producing, and the remaining seven would be turned in line by year-end 2013, adding about 1.0 Bcfe of sales volume.
Following the deal closure, EQT expects drilling four wells on the new acreage in late 2013. This acquisition would not have a significant impact to EQT's 2013 capital budget or sales volume guidance, which was recently increased to 340 - 350 Bcfe.
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