Deal Description: EQT Corporation has completed the sale to Diversified Gas & Oil Corporation (“DGOC”) of certain upstream and midstream gas assets located in Pennsylvania and West Virginia for a total of $125 million base consideration, with the potential of an additional $20 million in contingent consideration over two and a half years based on certain pricing targets should commodity prices rise. DGOC is a subsidiary of Diversified Gas & Oil plc, which is listed on the London Stock Exchange’s Alternative Investment Market.
The upstream assets acquired by DGOC are all of EQT Production’s assets in Tioga County, Pennsylvania and its non-core shallow wells located in central Pennsylvania and West Virginia. The midstream assets acquired by DGOC are also located in Pennsylvania and West Virginia and include low pressure gathering lines and compressor stations. EQT retained all deep rights under the properties sold outside of Tioga County, Pennsylvania.
Baker Botts represented EQT Corporation in the transaction.
Value: $125 million - $145 million
Baker Botts Lawyers/Office Involved:
Global Projects: Gaye Lentz (Partner, Austin)
Environmental: Paulina Williams (Partner, Austin)
For more information, please see EQT Corporation’s news release here.
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