Endeavour International Corporation (END) disclosed the purchase of leasehold acreage in Pennsylvania that is prospective for the Marcellus Shale. The purchase increases the company’s exposure to a total of 68,000 net acres.
Endeavour International Corporation will pay SM Energy Company (SM) and others $110 million for 50,000 net acres in McKean and Potter counties. The company is also receiving pipeline and other midstream assets as part of the purchase.
Endeavour International Corporation said that the properties have three producing wells with production between 3 million and 4 million cubic feet of natural gas equivalents per day.