Porter Reps Noble In $3.4B Marcellus Deal With Consol

Law360, New York (August 18, 2011, 12:18 PM EDT) -- Noble Energy Inc. said Thursday that it had agreed to pay $3.4 billion for its first piece of the rich natural gas reserves of the Marcellus Shale, inking a deal to buy into Consol Energy Inc.'s drilling operations in Pennsylvania and West Virginia.

Under the agreement, Houston-based Noble Energy will acquire half of Consol's development rights and existing wells on the Marcellus Shale. The deal, which will be funded with cash and existing credit, also gives Noble Energy access to 663,350 acres of undeveloped land in...
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