Hess expands reach in Utica Shale
Thursday September 8, 2011, 10:14 am EDT
NEW YORK (AP) -- Hess Corp. said Thursday it has expanded its reach into natural gas-rich shale deposits with a series of purchases in Ohio worth $750 million.
The New York oil and gas company said it has bought Marquette Exploration LLC and other leases that give the company greater access to Utica shale.
Utica shale is an underground rock formation that's spread across several states including New York, New Jersey, Pennsylvania, Maryland, West Virginia, Virginia, Kentucky, Tennessee and Ohio.
The latest purchases give Hess 85,000 net acres that it expects to begin exploring in the fourth quarter. Earlier this week, Hess said it bought a stake in 200,000 acres in the Utica shale region from Consol Energy Inc. for $593 million.
Shares rose $1.67, or nearly 3 percent, to $60.93 in morning trading.
Source: Associated Press
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