Enerplus Corp. expects to record a significant gain on the $575 million sale of a portion of its Marcellus natural gas interests in Pennsylvania, Maryland and West Virginia.
But the Calgary-based oil and gas producer will retain a "concentrated, meaningful position" in the shale play, which it said will enhance its ability to control the pace and level of capital spending going forward.
The buyers of the primarily non-operated portion being sold weren't identified. The sold interests include about 91,000 net acres in southwest and central Pennsylvania, Garrett County in Maryland and northern West Virginia. Current output is about 5.4 million cubic feet equivalent a day.
Read the full article here.
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