Akin Gump Advises CONSOL Energy in $193 Million Marcellus Shale Deal
A team of Akin Gump attorneys advised CONSOL Energy Inc., a leading diversified energy company, in a deal with Antero Resources Appalachian Corporation. In the deal, CONSOL assigned to Antero overriding royalty interests of approximately 7 percent in 115,647 net acres of the Marcellus Shale located in nine counties in southwestern Pennsylvania and north-central West Virginia in exchange for $193 million in cash.
In connection with the transaction, CONSOL will retain the existing shallow wells and formations and all other leasehold interests on the acreage, including the geological formations generally above and below the Marcellus Shale, and a joint use agreement has been signed regarding ongoing operations.
The transaction closed on September 21, 2011.