Shell is selling Pinedale and Haynesville Interests | Russell T. Rudy Energy LLC
“Rigzone” reports that as part of their strategy to raise $15 billion from asset sales, Royal Dutch Shell plc announced that it is divesting its interest in the Pinedale, Wyoming, and Haynesville, Louisiana, fields. However, the company will add acreage in the Marcellus and Utica shale plays.
Shell is selling their interest in the Pinedale Field to Ultra Petroleum in exchange for 155,000 net acres in the Marcellus and Utica shale areas of Pennsylvania and $925,000 cash. Shell’s interest in the Pinedale Field is currently producing approximately 190 million cubic feet per day (MMCF/D), and Ultra’s Pennsylvania properties about 109 MMCF/D.
In a separate transaction Shell is selling its interest in the Haynesville shale to Vine Oil & Gas and Blackstone for $1.2 billion in cash. The sale includes 107,000 net acres, with 418 wells which are producing approximately 250 MMCF/D net to Shell.
Shell Upstream Americas Director Marvin Odum stated “…we are adding highly attractive exploration acreage, where we have impressive well results in the Utica, and divesting our more mature, Pinedale and Haynesville dry gas positions.”
To read the article in its entirety, please go to www.rigzone.com/news/article.asp?hpf=1&a_id=134539&utm .
