Antero Resources is selling off natural assets in both the Woodford Shale and Fayetteville Shale to Vanguard Natural Resources for $445 million in cash. Antero plans to use the money to grow it’s operations in the Marcellus and Utica Shale region.
Vanguard Natural Resources will spend $445 million in cash to acquire buying natural gas and liquids assets from Antero Resources, an independent oil and gas company.
The exploration and production assets are located in the Woodford Shale and Fayetteville Shale of the Arkoma Basin, which covers Arkansas and Oklahoma. It includes proved reserves of about 420 billions of cubic feet of equivalent.
"The Arkoma asset sale allows Antero to redeploy capital to its high growth Appalachian shale projects including the Marcellus Shale, Upper Devonian Shale and Utica Shale plays where we are focused on the development of liquids-rich natural gas resources," Antero Resources Chairman and CEO Paul Rady said in a statement.*
The deal is due to close by the end of June.
*CBS News/AP (Jun 4, 2012) – Vanguard Natural buying some assets from Antero