Porter Hedges Guides American Energy’s $407M Land Sale

Law360, New York (June 10, 2015, 3:28 PM EDT) -- A unit of private equity-backed American Energy Partners LP has sold 35,000 acres and associated assets in Ohio’s Utica Shale to Gulfport Energy Corp. in a $407 million cash deal led by Porter Hedges LLP, the company announced Tuesday.

Gulfport will pay American Energy-Utica LLC in cash for the land in Belmont, Monroe and Jefferson Counties, Ohio, that American Energy said weren't scheduled for near-term development. American Energy also announced the name change of its holding company American Energy Appalachia Holdings LLC to Ascent Resources and $977 million in financing.

“Today marks an extremely important day in the life of our company,” American...

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