Oklahoma City-based Ascent Resources has signed agreements to spend nearly $1.5 billion on natural gas and oil lease and mineral rights in Ohio’s Utica Shale field.
The deal was signed with Hess Corp., CNX Resources, Utica Minerals Development and a fourth seller who was not named, according to a report in The Oklahoman.
The company said the purchase will add more than 113,000 acres and royalty interests on to its current 69,400 fee mineral acres. It will also add 93 operated wells with a daily net production of nearly 216 million cubic feet equivalent.
The purchase also means Ascent will have another 380 incremental horizontal well locations, not to mention an increased working interest in more than 900 horizontal well locations.