American Energy Partners LP, the oil and gas company founded by former Chesapeake Energy co-founder Aubrey McClendon, has acquired 130,000 net acres in the southern portion of the Utica Shale from affiliates of Hess, Exxon Mobil, and privately-held Paloma Partners, reported analysts at Global Hunter Securities (GHS).
Last week, Hess reported the sale of 74,000 dry gas acres in the Utica Shale to an undisclosed buyer for $924 million. And, while terms of the deal by Oklahoma City-based American Energy Partners were not disclosed, applying an acreage multiple of $12,487/acre to the 130,000 acre package translates to $1.6 billion, noted the analysts.
American Energy Partners now holds roughly 260,000 net acres in the Utica with over 90% held in the Southwestern Ohio counties of Jefferson, Belmont, Guernsey, Harrison, Monroe and Noble.
American Energy – Utica LLC (AEU), an affiliate of American Energy Partners LP, raised nearly $1.7 billion in private equity commitments and term loan proceeds as of October 2013 in order to pursue a business plan focused on the Utica Shale.