Porter Hedges Represents Vantage Energy in the Successful Bid of $339.5M for Oil and Gas Assets from Alpha Natural Resources
Porter Hedges represented Vantage Energy LLC as the successful bidder for oil and natural gas assets in Southwest Pennsylvania from Pennsylvania Land Resources, LLC, a subsidiary of Alpha Natural Resources, Inc. (ANRZQ). Vantage Energy's winning cash bid was $339.5 million.
Alpha and certain of its wholly-owned subsidiaries filed voluntary petitions to reorganize under Chapter 11 of the United States Bankruptcy Code on August 3, 2015. On May 16, 2016, the Debtors conducted an auction among five qualified bidders for the sale the assets, and Vantage Energy's bid was designated as the Successful Bid.
Vantage Energy is focused on the acquisition and development of unconventional natural gas projects, predominantly onshore shale gas in North America. Alpha Natural Resources is one of the largest and most regionally diversified coal suppliers in the United States and supplies metallurgical coal to the steel industry and thermal coal to generate power to customers on five continents.
For additional information, see the Alpha press release here.