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Consol Buys Marcellus Rights For $190 Million

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By Darren Barbee, Hart Energy
December 10, 2013

Consol Energy Inc. (NYSE: CNX) is moving ahead on plans to increase its gas production, acquiring rights to nearly 90,000 contiguous aces in the Marcellus and Upper Devonian formations for $190 million.

Pittsburgh-based Consol and Dominion Transmission, a unit of Dominion Resources, announced the deal on Dec. 10. The $190 million will be paid in two installments. At close, about half of the money was paid to Dominion, based in Richmond, Va. The $95 million balance will be paid over nine years.

As part of the deal, Consol has committed ...

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