This is just the latest in a string of companies that have sold off their Marcellus assets to focus on other regions. In recent months, Eclipse Resources sold $63 million worth of acreage in Pennsylvania, Chesapeake Energy sold its West Virginia operations to Southwestern Energy for $5 billion, and Gastar Exploration also sold its assets in West Virginia, earning $80 million.
The big names cashing out are not necessarily a bad news story. Alta Resources, for example, is a growing producer that is active across North America and could very well be more active than Anadarko was. The day after announcing its purchase of the Anadarko assets, Alta Resources announced that it would purchase an interest in a Pennsylvania-based project owned by Mitsui and Co. The company does not seem to be aiming to leave that acreage idle.
More importantly, drilling permits in the region are actually on the rise. Pennsylvania issued 179 horizontal drilling permits between November 1 and December 16. This is almost double the number issued over a similar period earlier in the year. Ohio granted 43 permits in November and early December, almost all in the Utica shale. That is also about double the permitting rates from earlier in the year.
As the big names sell out it may be time for your company to buy in, and the Pennsylvania-based experts at Cimmaron Land are standing by to help with all your leasing needs.