One-Page Deal Sheet
Energy Corp. of America Eyes JV for Marcellus Acreage
Shenhua Energy Company Energy Corporation of America
Announced Date
December 27,2013
Transaction Type
JV
Enterprise Value (EV)($MM)
90
Asset/Basin:
{"Marcellus Shale","Appalachian Basin"}
TargetZones:
{"Marcellus Shale"}
Transaction Details: Subscribe to see
Officials with Energy Corporation of America and China Shenhua Energy Company subsidiary Shenhua America Holdings Corporation (Shenhua) have entered into a 50/50 joint venture to develop 25 natural gas wells in Greene County, PA over the next 18 months.
Shenhua is a Chinese state-owned enterprise and the largest coal company in the world.
According to ECA CEO John Mork, Shenhua will contribute the first $90 million towards drilling the wells and ECA will be the operator of the properties. Any remaining capital expenditures will be split evenly between the two companies.
Mork said, "It is only…
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