Hess Corporation (NYSE: HES) announced today it has acquired Marquette Exploration LLC and other leases in Ohio′s Utica Shale, boosting its acreage position by 85,000 net acres at a cost of approximately $750 million.
The leases, in which Hess will have a 100 percent working interest, are in Jefferson, Harrison and Belmont counties. Appraisal activities on this acreage are planned to commence in the fourth quarter. Together with the previously announced joint venture with CONSOL Energy, the transactions provide Hess with approximately 185,000 net acres in the Utica Shale play.
'With these transactions, we have built a strategic acreage position in the Utica Shale, allowing us to strengthen our portfolio of unconventional resources in high quality assets, leverage our operating expertise and create significant potential for future growth in reserves and production,? said John Hess, Chairman and CEO of Hess Corporation.
Hess Corporation, with headquarters in New York, is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. More information on Hess Corporation is available at http://www.hess.com.
Forward Looking Statements
Certain statements in this conference call may constitute 'forward-looking statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, uncertainties inherent in the measurement and interpretation of geological, geophysical and other technical data.
Hess Corporation Investor: Jay Wilson, 212-536-8940 or Media: Jon Pepper, 212-536-8550
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