Williams acquired the acreage for $501m, estimated to represent approximately 1.2 trillion cubic feet equivalent in total net natural gas reserves potential.

In February 2009, Denham and Alta entered into a partnership wherein Denham provided additional capital for Alta to purchase natural gas leases from landowners primarily located in Susquehanna County in northeastern Pennsylvania.

Carl Tricoli, managing partner of Denham, said: “This partnership was Denham’s first foray into the Marcellus. Through Alta, we partnered with a proven leader in shale development to take advantage of the basin’s cost-competitive production and proximity to key gas markets.”