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PwC Report: 2012 Marcellus & Utica M&A Deals Down

Each year analysts at powerhouse consulting firm PricewaterhouseCoopers (PwC) take a detailed look at mergers and acquisitions (M&A) deals in the oil and gas industry worth $50 million or more. Although nationally the deals in the oil and gas sector hit a 10-year high in 2012, the number and value of deals for both the Marcellus and Utica Shale slowed from the previous year. However, looks can be deceiving…

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3Q12 M&A Deals in the Marcellus Fall to Zero

For the past five years one of the key indicators that the Marcellus Shale has been red hot is the level of mergers and acquisitions (M&A) activity among energy companies. That is, companies doing deals to work together, or to buy outright, leased acreage, drilling operations or pipelines and other infrastructure. For the first time in several years, there was no significant M&A activity for an entire 3-month period (third quarter 2012) in the Marcellus, according to PricewaterhouseCoopers, a consulting and research firm that tracks it.

What, exactly, does that mean?

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Magnum Hunter Buys Virco for $106.7M with 51,500 Net Acres

Magnum Hunter announced this morning they’ve purchased 100% of privately-held Viking International Resources, Inc. (“Virco”) for $106.7 million using a stock swap and cash. The deal means Magnum Hunter will get an additional 51,500 net acres in the Marcellus and Utica Shale in West Virginia and Ohio, pushing their total acreage to something just over 166,000 acres throughout the Appalachian region. Management already has it’s eye on the new acreage and has identified 74 new drilling locations in the Marcellus and 31 new locations in the Utica Shale.

Details on the transaction and what it means:

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