Statoil Completes Sale of WV Marcellus Assets to EQT

StatoilIn May MDN told you that EQT, a major Marcellus (and Utica) driller based in Pittsburgh, had cut a deal to purchase all of Norwegian Statoil’s Marcellus assets in West Virginia (see EQT Buying 62.5K “Core” WV Marcellus Acres from Statoil for $407M). The deal gives EQT another 62,500 net acres and 50 million cubic feet per day (50 Mcf/d) of natgas production for $407 million. The acreage is located in Wetzel, Tyler and Harrison counties in WV. The deal includes 31 Marcellus wells and ~500 drilling locations. It bumps up EQT’s available drilling locations by a big 29% and shows the company’s continued commitment to the mighty Marcellus Shale. Statoil reports the deal closed last Friday…

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