Antero Resources selling Piceance Basin assets
November 5, 2012
DENVER – Antero Resources says it has agreed to sell all of its natural gas and pipeline assets in the Piceance Basin.
The Denver-based company said Monday it is selling the assets to an undisclosed private company for $325 million in cash, plus the assumption of about $91 million of Antero’s Rocky Mountain firm transportation obligations. It also expects proceeds of about $100 million in cash for the monetization of its Rockies natural gas hedges.
The transaction is expected to close in December with an effective date of October 1, 2012.
Proceeds will help Antero reduce debt.
CEO Paul Rady says the sale also will let Antero redeploy resources to its Marcellus Shale and Utica Shale projects, where the company is focusing on developing liquids-rich natural gas and oil reserves.