Southwestern Energy Co. has finalized its acquisition of approximately 162,000 acres in the Marcellus shale in northeastern Pennsylvania. The properties were acquired from Chesapeake Energy Corp. and its partner for approximately $93 million.
The acquired properties are near the company’s existing holdings, with the majority of the new acreage in Susquehanna, Wyoming, Tioga and Sullivan counties, according to Steve Mueller, president and CEO of Southwestern Energy (SWE). The current net production from these properties is approximately 2 million cubic ft (MMcf) per day from 17 gross wells (1.2 net wells).
“Upon closing of this transaction, our acreage position of approximately 337,000 net acres in the Marcellus strengthens our ability to provide future double-digit production and reserve growth,” Mueller said.
SWE is an independent energy company whose wholly owned subsidiaries are engaged in oil and gas exploration and production, natural gas gathering and marketing.