The $575 million deal between
According to a Diversified spokeswoman, wells from
The deal doubles Diversified’s production to more than 60,000 barrels of oil per day, “firmly establishing Diversified as the largest conventional producer in the Appalachian region,” the company touted in a news release.
The wells sold have a current net production of roughly 200 million cubic feet of natural gas equivalents daily, according to EQT.
EQT is the largest natural gas producer in the
Diversified, too, has a presence in northern
“Our conventional gas and oil assets produce from shallow depth, vertical wells into low permeability reservoirs sitting above the prolific Marcellus and
EQT, meanwhile, said the sale will help reduce its debt.
The deal provides Diversified with more than 915,000 net lease and deed acres in
The 250-plus employees involved in the operation of those assets will be retained by Diversified, the company said.
“Their commitment to excellence is a perfect complement to our existing Company culture, and I am confident that the team’s combined efforts will yield even better results,” Hutson said.
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