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WhiteHawk Energy Expands Portfolio with $54 Million Marcellus Shale Natural Gas Asset Purchase11/21/2023
- WhiteHawk Energy purchased Marcellus Shale assets for $54 million.
- The deal doubles WhiteHawk's ownership to 475,000 acres in Pennsylvania.
- The assets are located in Greene and Washington counties.
- WhiteHawk's Marcellus production now includes about 1,315 shale wells.
- This acquisition significantly strengthens WhiteHawk's position in the natural gas sector.
WhiteHawk Energy has recently completed a significant acquisition in the Marcellus Shale, investing $54 million. This deal has effectively doubled their mineral and royalty ownership in the Marcellus Shale, particularly in Greene and Washington counties in Pennsylvania. This region is noted for its high-quality natural gas reserves. WhiteHawk’s Marcellus assets now encompass approximately 475,000 gross unit acres, featuring production from about 1,315 horizontal shale wells. In addition to this, they own interests in 72 wells-in-progress, 64 permitted wells, and nearly 900 undeveloped Marcellus locations. This acquisition is expected to double WhiteHawk's net revenue interest in each well within its Marcellus holdings.
$100 Million Acquisition Finance Facility
WhiteHawk Energy has secured a $100 million acquisition finance facility with a top-tier institutional investor. This financial move is aimed at accelerating the company’s acquisition of core natural gas mineral and royalty assets. An initial $20 million from this facility was used to fund an additional closing of Haynesville Shale mineral and royalty assets, which cover part of the company's existing 375,000 gross unit acres. This strategic partnership with the institutional investor positions WhiteHawk for further growth and acquisitions in the natural gas sector.
Combined Assets and Development
Following its recent acquisitions, WhiteHawk Energy now manages around 850,000 gross unit acres in core areas of both the Marcellus and Haynesville Shales, with interests in over 2,500 producing horizontal wells.
Notably, the company's diversified portfolio includes assets in the Haynesville Shale, actively developed by companies such as Southwestern Energy, Chesapeake Energy, Aethon Energy Management, and Comstock Resources. This diverse positioning allows WhiteHawk to benefit from strategic sales points in both the Northeast and Gulf Coast regions. The operators involved in these regions have a combined market capitalization of about $50 billion.
About WhiteHawk Energy
WhiteHawk Energy, LLC is focused on acquiring mineral and royalty interests in top tier natural gas resource plays, including the Haynesville and Marcellus Shales. The management team at WhiteHawk has successfully grown over $13 billion of minerals, midstream, and exploration and development companies over the last 20 years.
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