Oil and gas producer Rice Energy Inc. of Canonsburg, Pennsylvania announced Monday it will acquire Vantage Energy LLC and Vantage Energy II LLC of Englewood, Colorado, for about $2.7 billion, including debt.
The assets owned by Vantage Energy include about 85,000 net core Marcellus shale acres in Pennsylvania, with rights to deeper Utica shale on about 52,000 net acres and 37,000 net acres in the Barnett Shale. Second quarter 2016 net production of the acquired assets was 399 million cubic feet estimated of natural gas per day with approximately 65 percent of that from Appalachia and 35 percent from the Barnett. The core midstream assets to be acquired by RMP include 30 miles of dry gas gathering and compression assets.
With the Vantage Energy deal, Rice Energy has acquired about 231,000 net acres in Marcellus and Utica shale formations. The transaction will close in the fourth quarter.
Evercore acted as financial advisor to Rice Energy’s board, and Latham & Watkins LLP served as legal counsel to Rice.
www.ricenergy.com