Northeast Natural Energy has closed the acquisition of 11,657 net acres in the core of the Marcellus Shale and associated shallow conventional oil and gas wells from Nytis Exploration Company and from Nytis Exploration of Pennsylvania. Financial terms were not disclosed.
"We are very pleased to establish a significant acreage position in the core of the Marcellus Shale," said Mike John, NNE's President. "The acreage, which is very high in quality, is located in some of the most attractive areas in the Marcellus including Armstrong, Clearfield and Westmoreland Counties, Pennsylvania. This transaction provides a platform for future bolt-on positions in the region and establishes NNE’s position as a key participant in the development of the Marcellus Shale. We look forward to drilling this acreage as we continue to evaluate many other substantial opportunities in the Marcellus."
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