Big McClendon News: Sells 35K Utica Acres, Creates New Company

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Big-news.jpgWe have major news coming from Aubrey McClendon's American Energy Partners (AEP). A lot of news. So buckle in. First we'll tell you the news, then we'll give you our take on that news--what it means. In brief, the news coming from AEP HQ in Oklahoma City is this: (1) AEP's Marcellus/Utica AEP subsidiary, American Energy Appalachia Holdings, has been spun out into a 100% standalone company and has changed its name to Ascent Resources; (2) the CEO of Ascent is the same guy who was the CEO of American Energy Appalachia Holdings--trusted McClendon lieutenant Jeffrey A. Fisher; (3) Ascent has cut a deal with Gulfport Energy to sell 35,000 prime Utica Shale acres for $407 million; and (4) Ascent has just sold shares in the company and taken out new loans for $977 million, giving them $700 million in cash after they pay off certain other loans. Whew! Here's the details, along with a little news of our own about AEP...

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