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Rice Energy to acquire Marcellus shale gathering assets for $110M

Rice Energy Inc.

Rice Energy Inc. (NYSE: RICE) has executed a purchase and sale agreement whereby Rice Poseidon Midstream LLC, a wholly owned subsidiary of the company, has agreed to acquire gathering assets in eastern Washington and Green counties, Pennsylvania, from M3 Appalachia Gathering LLC, a wholly owned subsidiary of M3 Midstream LLC, for $110 million in cash. 

The assets to be acquired consist of a 28-mile gathering system  in eastern Washington County, Pennsylvania, and the permits and rights of way in Washington and Greene counties, Pennsylvania, necessary to construct an 18-mile gathering system connecting the northern system to the Texas Eastern pipeline. The northern system is supported by long-term contracts with acreage dedications covering approximately 20,000 acres from third parties. Once fully constructed, the acquired systems are expected to have an aggregate capacity of over 1 Bcf/d.

The transaction will have a March 1, 2014, effective date, and is expected to close in March.

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