Atlas Energy (ATLS) reported that the company is being purchased by Chevron Corporation (CVX) in a deal valued at $4.3 billion. Shareholders of Atlas Energy, which is a major operator in the Marcellus Shale, will receive $38.25 per share in cash and a pro rate distribution of Atlas Pipeline Holdings, L.P. (AHD). The company values the distribution at $5.09 per Atlas Energy Share.
Summary of Atlas Energy Marcellus Shale Assets
- 630,000 gross acres.
- 261 Marcellus Shale wells completed, including 39 horizontal wells.
- 18 Tcfe of potential reserves.
- Atlas Energy is involved in a joint venture with Reliance Industries on some of its acreage in the Marcellus Shale.
Prior to the deal with Chevron Corporation, Atlas Energy planned the following development on its Marcellus Shale operated acreage for 2011.
Q1 – 2011 – 31 wells
Q2 – 2011 – 23
Q3 – 2011 – 30
Q4 – 2011 – 32
The joint venture agreement estimates a greater pace of development in the joint area:
2011 – 108 wells
2012 – 171
2013 – 300
Here are some previous posts on Atlas Energy and its activities in the Marcellus Shale: