Consolidating acreage

Louisiana-based Stone was one of the first producers to bring online a deep Utica well in West Virginia, announcing in 2014 that a well on its Pribble pad in Wetzel County tested at a peak five-day rate of 30 MMcf/d.

In its press release, EQT characterized the acreage being acquired as "core." In West Virginia, EQT is paying 3 million for ~42,600 net acres and current natural gas production of approximately 42 MMcfe/d.Upon completion, the pending acquisition will add approximately 71,000 net acres to the Company's Midland Basin acreage portfolio, bringing total Permian Basin net acreage to approximately 227,000 acres.Parsley intends to increase drilling and completion activity on the Company's expanded asset base and, as a result, is updating 2017 capital plans and operating guidance to reflect increased capital investment and associated production growth.Please read the disclaimer at the end of this article.The initial "land grab" in the Marcellus Shale started about 10 years ago, gradually expanding from Pennsylvania into West Virginia and Ohio. It is not unusual to see lease contracts in the Marcellus where the operator has up to 10 years to establish first production on the lease to hold it.By October, it had entered a purchase and sale agreement to sell the properties to an affiliate of Tug Hill Inc.

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