Alpha Natural Resources Announces Consolidation of Marcellus Shale Joint Venture Ownership
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Alpha Natural (ANR) Subsidiary Takes 50% Stake in Marcellus Shale Joint Venture
July 1, 2015 4:40 PM EDTAlpha Natural (NYSE: ANR) announced that its wholly-owned subsidiary, Pennsylvania Services Corporation (PSC), has acquired the 50% interest in its natural gas exploration and production joint venture, Pennsylvania Land Resources Holding Company, LLC (PLR), owned by EDF Trading Resources, LLC (EDFTR). The $126 million transaction, which makes PSC the sole owner and operator of the venture, allows Alpha to expand and control a highly economic natural gas development program composed of over 25,000 net acres and associated infrastructure in the Marcellus Shale.
EDFTR and PSC initially formed the PLR joint venture in May 2013 to exploit a... More
