Join Accent Resources Take Over CNX & Hess Assets - $400 . independent producers CNX Resources Corp.& Hess Corp. announced morning has closed on its previously announced deal substantially all its Ohio Utica joint venture assets for roughly $400 million . Ascent Resources  the benefits from this joint venture for $400 million.

Ascent Resources—Utica, founded Chesapeake Energy co-founder CEO Aubrey McClendon, is a leading private exploration and production company focused on acquiring, exploring for, developing, producing and operating gas and oil properties in the Utica Shale. The Company is capitalized equity investments from various private equity sponsors, led by funds managed by The Energy & Minerals Group and First Reserve.

The previously announced in late finally closed on 31, to the . This deal divestiture includes 50 producing wells with average net revenue interest (NRI) 48%; five 50% working interest; two 50% working interest and approximately 26,000 net undeveloped acres.

CNX, according to the press release, expects the proceeds from the sale to be used to pay down , continue the ongoing repurchase , invest in drilling and completion to bolt-on acreage acquisitions as opportunities become .

“The transaction is immediately accretive and brings forward the of assets were outranked by other options in CNX’s ,” Nicholas J. Deluliis, CNX president and CEO.

 

 

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