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After Spending $1.6 Billion, Utica E&P Increase Rig Count From 5 to 8
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PE-backed Ascent Resources, who spent $1.5 billion to acquire properties from CNX/Hess and Utica Minerals Development, is wasting no time increasing its drilling activity.
The company have now ramp up drilling by adding 3 rigs to its 5 rig drilling program. Before we jump into the details of the new drilling program, lets take a look athe company asset.
Asset Information Land : 310,000 Net Acres Production (as of 8/31/2018) : 1.5 Bcfe/d Proved Reserves : 5.9 Tcfe Resource Potential : 16.2 Tcfe PE Sponsors : The Energy & Minerals Group, First Reserve. CapitalizationThe company is also well capitlized, seeing its credit facility increase from $1.4 to $2.5 billion, more than enough capital to execute its new 8 rig drilling program.
As you can see the company is well capitalized, we…
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