[Context:On January 22, EnCap-backed Travis Peak Resources closed its sale of Utica assets to Eclipse Resources (NYSE: ECR) for $92.2m. The assets consisted of 44,500 net acres located in the counties of Tioga and Potter in Pennsylvania. Further details and related links are below.]
Eclipse Resources Announces 2018 Analyst Day and Completion of Acquisition of “Flat Castle” Utica Development Area in Central Pennsylvania
STATE COLLEGE, Pa.–January 22–(BUSINESS WIRE)–Eclipse Resources Corporation (NYSE:ECR) (the “Company” or “Eclipse Resources”) announced today that it will host its 2018 Analyst Day on Wednesday, January 31st at the JW Marriott Hotel in Houston, Texas. A live audio webcast of the event will begin at 9:00 am (Central Time) and can be accessed via the “Investors” section of Eclipse Resources’ website at www.eclipseresources.com. The Company plans to post the Analyst Day Presentation to the “Investors” section of the Company’s website prior to the event.
Additionally, Eclipse Resources is pleased to announce that on January 18, 2018 Eclipse Resources-PA, LP, a wholly owned subsidiary of the Company, completed its previously announced acquisition of certain oil and gas leases, wells and other oil and gas rights and interests covering approximately 44,500 net acres located in the counties of Tioga and Potter in the Commonwealth of Pennsylvania (such transaction, the “Flat Castle Acquisition”) from Travis Peak Resources, LLC. The aggregate adjusted purchase price for the Flat Castle Acquisition was $92.2 million, which was paid entirely with approximately 37.8 million shares of Eclipse Resources’ common stock.
Benjamin W. Hulburt, Chairman, President and CEO of Eclipse Resources, commented on the Company’s acquisition, “The Flat Castle acquisition will create a new, highly contiguous core area that significantly expands our Utica Shale dry gas acreage by almost 104%. The Company intends to utilize innovative drilling and completion techniques and extensive Super-Lateral development to considerably enhance the economics of the area. We anticipate our first well to spud in the Flat Castle project area during the first quarter of 2018.”
About Eclipse Resources
Eclipse Resources is an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin, including the Utica and Marcellus Shales.