McClendon's AEP Buys Rights to 130K Utica Acres
YOUNGSTOWN, Ohio -- Aubrey McClendon’s American Energy Partners confirmed Monday that it is buying drilling rights for 130,000 acres in the southern tier of Ohio’s Utica shale play.
The transactions include 74,000 acres that Hess Corp. disclosed last week it had sold to an unnamed buyer for $924 million. Purchase agreements have also been signed with Exxon Mobile Corp. and privately-held Paloma Partners, AEP confirmed.
Exxon affiliate XTO Energy said AEP has purchased the rights to drill on 30,000 of its acres in Ohio. Additional details were not disclosed.
McClendon founded American Energy Partners last year after leaving Chesapeake Energy Corp., the shale-drilling giant he also founded. Both companies are based in Oklahoma City.
American Energy Partners has secured more than $1.7 billion in equity funding, according to published reports. The company plans to drill 1,700 net wells over 10 years. Its acquired acreage sits in Harrison, Noble, Monroe, Guernsey, Belmont and Jefferson counties.
Published by The Business Journal, Youngstown, Ohio.
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