Hess Corporation (HES) reported the purchase of Marquette Exploration LLC, a private oil and gas company, as well as several other lease purchases in the Utica Shale. The company spent $750 million to increase its leasehold position by 85,000 net acres. This was the company’s second deal involving the Utica Shale in less than a week.
Hess Corporation said that the leasehold is primarily located in Jefferson, Harrison and Belmont counties. The company expects to begin appraisal activities in the fourth quarter of 2011.
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