EQT Corp. (EQT +2.5%) agrees to acquire additional core acreage in the Marcellus Shale from Trans Energy (OTCPK:TENG +243%) and Republic Energy for a combined $683M, adding ~60K acres of natural gas holdings in its target area.
EQT says it will pay $513M to TENG and its joint venture partner Republic for 42.6K acres and 42M cf/day of natural gas production in West Virginia, as well as a takeover offer of TENG worth $3.58/share.
The deals also include 17K net acres and current natural gas production of ~2M cfe/day from a third-party for $170M.
EQT says it has increased its core Marcellus position during 2016 by 143K acres, or 55%, for a total of 400K acres, including the recent acquisitions.
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