Consol JV with Hess Oil puts the value of Ohio Wet zone acreage at $6,000 per net acre.

Consol announced a JV with Hess Oil this AM in their Ohio Utica Shale acreage that values the resource at $6,000 per acre. Hess will assume control of the of the liquids rich wet counties in the heart of the play and Consol will operate in the Northern counties in the oil window. There is a press release on the Consol website along with a slide invvestor presentation with an excellent map of the Play.

http://consolenergy.com/default.aspx

Randy

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Good news for us! Thanks for sharing.
That's $6k per net acre for buying it not leasing it right?
No,

Try this link for Cosol/Hess JV information.

http://www.lawfuel.com/releases/vinson---elkins-represents-consol-e...

 

Randy

More news, posted by TonyMik on the Belmont County page this AM. Hess is acquiring Marquette Exploration, and is now a major player in the wet zone of the Ohio Utica Play.

http://phx.corporate-ir.net/phoenix.zhtml?c=101801&p=irol-newsA...=

Randy

Hold on to your horses, all hell is about to break loose.

 

More news on Hess acquiring Marquette Exploration at

http://www.crainscleveland.com/apps/pbcs.dll/article?AID=/20110908/...

 

According to the WSJ article the total deal was for $593M - of that $534M was for drilling and completion, the balance of $59M for 50% share of the 200,000 acres. Would it not be more accurate to say that the indicated value of the leased acreage was $590.00 per net acre? Just trying to sort out the numbers.

 

Google: wall street journal hess consol

The article is is inside the subscription pages of the site but the Google link somehow gets in.

is there a map that show the wet zone or the fairway in belmont , is this also present in monroe co . Thanks

Harry, Open the Cosol wesite at the link above. Then at the top of the page click on the Investor Relations tab. As you look down that menue you will see a tab fo Presentations to Analysts. Click on this and the top presentation (dated 9-7-2011) is the one you want. The map is on the 5th slide. If this doesn't help, go to the Harrison County Ohio site and on about the fourth page of the comment wall, there is a link from Dan. If you still can't find it yell back and I'll try to post the link.

Randy

thanks Randall :)
the 534M is for delopment of 80K acres in 4 countys. then consol has to pay ???million to develop the other 120k acres that hess has 50%  interest. so hess is paying for almost all their 50% interest by developing the 80K acres. IMO hess payimg almost 6K per acre!

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