Alpha Natural Resources Sells 50% Marcellus Stake to Rice Energy

Alpha Natural Resources, a coal company, formed a 50/50 joint venture with Rice Energy in 2010 to drill Marcellus Shale gas wells in Greene County, PA. Yesterday Alpha announced they’re bailing out and selling their 50% stake to Rice Energy for $300 million. The terms are Alpha gets $100 million in cold, hard cash now, and stock in Rice Energy once Rice goes public.

Yesterday’s announcement with the details:

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