EQT to buy some Marcellus, Utica assets from Chesapeake for $113 mln

Fri May 3, 2013 9:12am EDT

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May 3 (Reuters) - Natural gas company EQT Corp said it would buy some properties in Marcellus and Utica shale fields in Pennsylvania, including 10 wells, from Chesapeake Energy Corp for $113 mln.

The transaction, expected to close on May 30, involves 99,000 net acres in southwestern Pennsylvania, including 67,000 acres in Marcellus, EQT said.

The company said it was buying three producing wells in Marcellus, and the rest would be on stream by the end of this year, adding about 1 billion cubic feet equivalent (Bcfe) of sales volume.

Chesapeake plans to focus on drilling in areas it characterizes as "core", including the Eagle Ford in south Texas. The company is marketing acreage in the Marcellus and Utica formations in Pennsylvania and Ohio.

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