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Thursday, September 8, 2011

Hess Boosts Utica Position with $750MM Acquisition

- Hess Boosts Utica Position with $750MM Acquisition

Thursday, September 08, 2011
Hess Corp.

Hess has acquired Marquette Exploration LLC and other leases in Ohio's Utica Shale, boosting its acreage position by 85,000 net acres at a cost of approximately $750 million.

The leases, in which Hess will have a 100 percent working interest, are in Jefferson, Harrison and Belmont counties. Appraisal activities on this acreage are planned to commence in the fourth quarter. Together with the previously announced joint venture with CONSOL Energy, the transactions provide Hess with approximately 185,000 net acres in the Utica Shale play.

"With these transactions, we have built a strategic acreage position in the Utica Shale, allowing us to strengthen our portfolio of unconventional resources in high quality assets, leverage our operating expertise and create significant potential for future growth in reserves and production," said John Hess, Chairman and CEO of Hess Corporation.

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