CNX Closes $505MM Apex Deal
Transaction Type
Buyers
Basin
Appalachian Basin
Field
Marcellus, Utica
Announce Date
Post Date
Close Date
Estimated Price
505BB
Description
CNX Resources Corp. closed its approximately $505 million cash deal for Carnelian Energy Capital Management-backed Apex Energy II’s upstream and midstream Appalachia assets, according to a Jan. 27 press release.
The bolt-on, initially announced Dec. 5, expands CNX’s stacked Marcellus and Utica undeveloped leaseholds, the company said.
CNX will acquire Apex’s 36,000 total net acres (94% held) in Westmoreland County, Pennsylvania, the company said Dec. 5.
The deal also includes 21,000 undeveloped acres—8,600 acres in the Utica Shale and 12,600 in the Marcellus Shale, CNX said.