Shell Buying East Resources

A Pittsburgh-area energy producer, and major player in the Marcellus Shale region, is selling the company for $4.7 billion Europe’s largest oil company.

East Resources Inc. will be sold for cash and subsequently hand over about 650,000 net acres of Marcellus Shale land to Royal Dutch Shell PLC. About 1.05 million acres in total will change hands.

East Resources employs about 300 people, who will continue working for the company. Shell executives say they plan to expand the regional East Resources offices with more workers.

East Resources produces the natural-gas equivalent of nearly 10,000 barrels of oil per day.

The cash will go to East Resources and Kohlberg Kravis Roberts & Co., a private equity investor helping East Resources fund its Marcellus exploration.


http://www.eastresources.com/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=9&cntnt01origid=71&cntnt01returnid=112

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