Antero closes Piceance sale

Antero Resources on Friday said it has completed its previously announced sale of all of its natural gas and pipeline assets in the Piceance Basin.

Denver-based Antero is selling the assets to Houston-based Ursa Resources Group II LLC.

Antero said it received $316 million at closing, after adjusting for estimated income, expenses and capital costs between Oct. 1, the effective date of the sale, and last week’s closing. The sale price initially had been set at $325 million. It is still subject to post-closing adjustments.

Antero also separately sold price hedge contracts for 78 billion cubic feet of gas for $112 million. It had attached an estimated $100 million value to those contracts, which lock in sales at a certain price, when it first announced the sale.

Antero sold about 61,000 oil and gas leases containing an estimated 205 billion cubic feet equivalent of proved developed reserves, and producing about 52 million cubic feet equivalent a day from 284 wells. The term “equivalent” accounts for oil and natural gas liquids associated with gas production.

Antero’s Piceance Basin holdings were mostly centered in the Silt-to-Rifle area.

The sale also includes gas pipeline transportation obligations through 2021. Antero previously has said those obligations constitute a $91 million liability assumed by the buyer.


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