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American Energy builds leading position in Utica Shale

by Jay F. Marks Modified: February 3, 2014 at 8:40 am •  Published: February 3, 2014
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An affiliate of American Energy Partner LP has amassed an industry-leading 260,000 net acres in the southern Utica Shale, the Oklahoma City-based company announced Monday.

American Energy-Utica LLC’s has agreed to acquire about 130,000 acres from affiliates of Hess Corp., Exxon Mobil Corp. and privately held Paloma Partners LLC.

Terms of those deals were not disclosed, although Hess last week announced the sale of 74,000 net Utica acres to an unnamed buyer for $924 million.

American Energy’s holdings are centered in the core of the Utica, where it plans to drill 2,700 gross wells over the next decade.

American Energy was founded last year by Aubrey McClendon after he was forced out as CEO of Chesapeake Energy Corp. The company secured $1.7 billion in loans and equity commitments to acquire acreage in southern Ohio.

American Energy also announced last week it had secured another $500 million in equity commitments to buy oil and natural gas interests in other domestic plays.

by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
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