News Releases

Baker Botts Represents EQT in $407 Million Acquisition of Statoil’s Marcellus Core Acreage

Release
Deal Description: May 2, 2016 – EQT Corporation (NYSE: EQT) today announced that its subsidiary EQT Production Company has signed a definitive agreement to acquire 62,500 net acres, and current natural gas production of 50 MMcfe per day from Statoil USA Onshore Properties, Inc. (Statoil) for $407 million, subject to customary closing conditions. The transaction is expected to close on or about July 8, 2016. 

Primarily located in Wetzel, Tyler, and Harrison Counties of West Virginia, the acquisition adds a sizeable amount of acreage within EQT’s core development area and complements the Company’s adjacent operations in Wetzel County, West Virginia. The 62,500 acre acquisition includes existing Marcellus production and approximately 500 undeveloped locations that are expected to have an average lateral length of 5,600 feet. Much of this acreage is contiguous with EQT’s existing development area; therefore, the lateral length of 106 existing EQT locations can now be extended from 3,000 to 6,500 feet, which will reduce overall costs and deliver stronger well economics.

Baker Botts is representing EQT Corporation and EQT Production Company in the transaction.

Baker Botts Lawyers/Office Involved: Mike Bengtson (Partner, Austin); Coleson Bruce (Senior Associate, Houston); John Kaercher (Associate, Austin); Robert Goodin (Associate, Austin); James Chenoweth (Partner, Houston).

For more information, please see EQT’s news release by clicking here.

 

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