STATE COLLEGE, Pa. — Eclipse Resources Corporation announced Dec. 19 it has completed the sale of approximately 9,900 acres in eastern Noble County and western Monroe County, Ohio, for approximately $63.8 million to an undisclosed buyer.
The assets sold were predominately undeveloped acres in the Utica Shale formation and included production of approximately 1,000 Mcfe per day.
The acreage “did not permit us to drill wells with lateral lengths that meet our internal planning requirements, and would have required future lease extension payments,” said Benjamin W. Hulburt, chairman, president and CEO.
The sale will “enhances our liquidity,” he added, as the company looks to accelerate growth in 2017, including the addition of a second operated drilling rig during 2017.
STAY INFORMED. SIGN UP!
Up-to-date agriculture news in your inbox!