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Appalachia Operator With More Than 120,000 Net Acres Seeking Buyer
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Fresh off its 2014 IPO, Eclipse Resources is exploring a possible sale of the company, according to a report by Bloomberg.
The company, which focuses on the Marcellus and Utica shale plays, has tapped Morgan Stanley to assist in pulling in offers. However, a formal auction has not been planned.
The company currently holds 128,000 net acres comprised of:
51,700 Liquids Rich Utica 49,300 Dry Utica 27,000 Liquids Rich MarcellusEclipse Resources has a 2015 capital budget of $352 million, down from its initial plan to spend $640 million, and a decrease from its 2014 budget of $809 million (94% of budget is allocated to Utica operations).
We reached out to Eclipse Resources, but they declined to comment on the development.
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