This Marcellus Shale acreage in northeastern Pennsylvania includes five producing natural gas wells with 7mmcf/d of gross production.
The transaction, valued at $405m, will more than double Newfield’s current acreage position in the Marcellus Shale.
Newfield estimates that more than 400 gross operated well locations exist on the acreage and that net unrisked reserve potential is 1.5tcfe-2tcfe.
The company plans to run two operated rigs and invest approximately $100m in 2011 to substantially hold the acreage by production.
Following the close of the divestiture, which is expected before year-end 2010, EOG retains approximately 170,000 net acres in the Marcellus Shale in northwestern Pennsylvania.
