ST. CLAIRSVILLE, Ohio — Murray Energy Corporation is selling more than 5,900 acres of its Utica Shale natural gas and oil reserves, located in Belmont and Monroe counties in eastern Ohio, to an unnamed buyer for $63.6 million.
The transaction will be structured for Murray Energy to receive $48.6 million at the time of closing, and two other payments of $7.5 million, the first in 2017 and second in 2018.
The sale is expected to close in the coming weeks.
“We are pleased that we were able to reach this agreement, which will provide us with additional liquidity and will allow us to further focus our efforts on our core business,” said Robert D. Moore, Murray Energy’s executive vice president, chief operating officer, and chief financial officer.
Murray Energy Corporation and its subsidiaries primarily focus on coal mining and currently operate 13 active coal mines, consisting of 11 underground longwall mining systems and 46 continuous mining units in Ohio, Illinois, Kentucky, Utah, and West Virginia.
STAY INFORMED. SIGN UP!
Up-to-date agriculture news in your inbox!