EQT Pays $113M To Scoop Up Marcellus, Utica Lands

Law360, San Francisco (May 3, 2013, 3:23 PM EDT) -- EQT Corp. will buy 99,000 acres in southwestern Pennsylvania and 10 horizontal Marcellus natural gas wells in the state's Washington County from Chesapeake Energy Corp. and its partners for approximately $113 million, the buyer announced Friday.

Under the deal, scheduled to close May 30, EQT will buy 67,000 acres of Marcellus shale and 32,000 acres of dry Utica shale. EQT will spend $60 million on the undeveloped shale regions and $53 million will go toward the existing Marcellus wells, according to company statements.

Three of the...
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