Reuters News – via FOREXYARD (Feb 25)
Atlas looking for partner in Marcellus
Atlas Energy is looking for a partner to help fund its operations in the Marcellus Shale. Atlas currently holds leases on 266,000 acres, in mostly southwestern Pennsylvania. According to the Reuters story:
Bidders for the Atlas position should include large international integrated oil and gas companies as well as domestic independent oil and gas companies, the sources said.
Still, it was not clear how much the joint venture would bring in for Atlas.
As MDN recently reported, Mitsui & Co (from Japan) invested $1.4 billion in Anadarko Petroleum. Anadarko controls 100,000 acres in the Marcellus, so that works out at $14,000 per acre investment. It is rumored a similar price might be expected for Atlas. If that’s the case, we can expect a deal on the order of $3.7 billion. In 2008, Chesapeake Energy sold 32.5 percent of its interests to Statoil (from Norway) for $3.4 billion. Chesapeake at the time held rights to 590,000 acres.