Vantage Outbids Rice For Bankrupt Alpha Natural’s 27K Marcellus Acres

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Vantage Energy logoEarlier this year Alpha Natural Resources (ANR), primarily a coal company with 27,400 acres of Marcellus/Utica Shale leases, filed for bankruptcy and announced it would sell off its Marcellus assets. ANR previously had a joint venture with Rice Energy (which Rice later bought out). Rice was also interested in the 27K acres ANR is selling as part of their bankruptcy--and made a "stalking horse" bid of $200 million for the assets (see Rice Energy Offers Bankrupt ANR $200M for Marcellus/Utica Assets). Other drillers objected to what they considered a sweetheart deal (see EQT, APP Challenge Rice Energy’s $200M Bid for ANR Shale Assets). In the end, Rice didn't get it anyway. ANR announced yesterday that Vantage Energy won the bidding process--paying $339.5 million for the assets, "far exceeding" Rice's bid...

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