AEC to Divest Appalachian O&G Properties

The Anschutz Exploration Corporation (AEC) has entered into a definitive agreement to sell the Appalachian portion of its divestiture program to an undisclosed buyer.

The assets consist of currently producing oil and gas properties, as well as approximately 500,000 acres in Pennsylvania, Ohio and New York, which have exposure to the Marcellus, Utica and Trenton Black River exploration trends.

The sale is expected to close in late 2010.

Bank of America Merrill Lynch advised AEC on this transaction.