Eclipse Resources has closed on its $92.2 million acquisition of 44,500 net acres in the Utica Shale in northcentral Pennsylvania, Kallanish Energy reports.
The land in Potter and Tioga counties was acquired by subsidiary Eclipse Resources-PA LP from Travis Peak Resources for 37.8 million shares of Eclipse Resources’ common stock. The deal was announced last December.
“The Flat Castle acquisition will create a new, highly contiguous core area that significantly expands our Utica Shale dry gas acreage by almost 104%,” said chairman, president and CEO Benjamin W. Hulbert, in a statement.
“The company intends to utilize innovative drilling and completion techniques and extensive Super-Lateral development to considerably enhance the economics of the area,” he said.
Eclipse Resources said it expects to spud its first well in the Flat Castle project in the first quarter, Hulbert said.
The purchase marks a major expansion of Utica Shale exploration/production from eastern Ohio, northern West Virginia and southwest Pennsylvania, into an area where only a few Utica wells have thus far been drilled.