ASCENT RESOURCES ACQUIRES UTICA SHALE ASSETS FROM HESS

July 10, 2018

Ascent Resources, LLC  announced that it has entered into definitive agreements to acquire certain natural gas and oil properties from Hess Corporation, CNX Resources, Utica Minerals Development, and a fourth undisclosed seller (together, the “Acquisitions”) for a combined purchase price of approximately $1.5 billion. The Acquisitions are expected to close in the third quarter of 2018, and will be funded with a combination of at least $965 million in common equity of the Company and no more than $535 million of borrowings under the Company’s revolving credit facility. Acquisition Highlights (cumulative for all transactions contemplated):

  • Approximately 113,400 net leasehold acres, and royalty interests on approximately 69,400 fee mineral acres, spanning all three hydrocarbon windows in the over-pressured core of the Utica Shale
  • 93 operated wells and net production of approximately 216 MMcfe/d (19% liquids)
  • More than 380 gross incremental horizontal well locations and an increased working interest in more than 900 gross horizontal well locations
  • Proved reserves and total resources of approximately 1.1 Tcfe and 5.6 Tcfe, respectively, with meaningful upside achievable through development optimization
  • Complements existing assets, supports extended lateral lengths, further improves capital efficiency and increases the Company’s exposure to liquids

Ascent Resources based in Oklahoma City, is a leading private exploration and production company focused on acquiring, exploring for, developing, producing and operating natural gas and oil properties in the Utica Shale. The Company is capitalized with equity investments from various private equity sponsors, led by funds managed by The Energy & Minerals Group and First Reserve. (Source: Ascent Resources – Image: Drilling Utica shale in Ohio)

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