Rice Energy Offers Bankrupt ANR $200M for Marcellus/Utica Assets

Rice EnergyIn March MDN told you that Alpha Natural Resources (ANR), primarily a coal company with 27,400 acres of Marcellus/Utica Shale leases, was throwing in the towel and calling it quits (see Alpha Natural Resources Selling Marcellus/Rice Energy Stake). In March ANR received what it called a “stalking horse bid” for the Marcellus acreage. It will come as no surprise that the bidder, as we learned yesterday, is none other than Rice Energy. Rice and ANR previously worked together on a joint venture. Yesterday Rice confirmed it has entered into a purchase agreement “to acquire Marcellus and Utica assets in central Greene County, Pennsylvania for $200 million in cash, subject to purchase price adjustments.” Rice also announced they will float a new round of stock in order to finance the $200 million purchase (see today’s companion story). Here’s the details on the Rice offer to buy ANR’s Marcellus/Utica assets…

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.

Please Login to post a comment