At the end of last month and the end of 2010, EOG and Newfield parted ways on a deal that was announced earlier in the year for Newfield to buy approximately 50,000 net acres from EOG in Bradford County in the Marcellus play area. The deal was priced at $405 million and included an estimated 1.5-2 Tcfe net unrisked recovery potential. Neither company provided reasons for the termination of the deal nor was the termination fee disclosed.
Now the latest news is that Seneca Resources has acquired some of EOG’s other Marcellus assets buying out a JV position the two companies formed in 2006. The Tioga County properties were purchased for $23 million and have proved reserves of 42 Bcfe per day. This goes to show the push that EOG is making to get out of the Marcellus and to get away from gas.
The above is a map of EOG’s permit activity in the Marcellus colored by issued date.
For more information visit the Marcellus Shale folder in the Unconventional Updates in DI’s DNA.
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