Atlas Energy Resources LLC, Pittsburgh, (NYSE: ATN) plans to acquire DTE Gas & Oil Co., a subsidiary of DTE Energy Co., Detroit, (NYSE: DTE) for $1.23 billion in cash. DTE Gas & Oil has 75% average working interest in approximately 2,150 gas wells (75% operated) on 228,000 net developed acres and 66,000 net undeveloped acres in the Antrim shale in Michigan's northern lower peninsula. Production is approximately 59 million cubic feet of gas equivalent per day, and is expected to increase to up to 66 million cubic feet per day in 2008. Proved reserves are 613 billion cubic feet equivalent (100% gas), and probable and possible reserves are approximately 76 billion cubic feet equivalent.
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