Porter Hedges represented Ascent Resources, LLC (“Ascent”) in the acquisition of certain natural gas and oil properties from Hess Corporation, CNX Resources and Utica Minerals Development, LLC (“UMD”) for an aggregate purchase price in excess of $1.265 billion. The UMD transaction which closed on July 13, 2018, consisted of the contribution of all UMD’s Utica Shale assets to Ascent in exchange for cash and common equity.
Together with Ascent’s acquisition of natural gas and oil properties from Salt Fork Resources, which closed simultaneously with the Hess and CNX acquisitions, the combined acquisitions total approximately $1.48 billion.
The Porter Hedges team included Ray Lees, Scott Muehlberger, Mark Jones and Jonathan Strom.
Ascent is a leading private exploration and production company focused on acquiring, exploring for, developing, producing and operating natural gas and oil properties in the Utica Shale. Ascent is capitalized with equity investments from various private equity sponsors, led by funds managed by The Energy & Minerals Group and First Reserve Corporation.
For additional information, please see the Ascent press release here.