Little Pine Resources

Little Pine Resources has retained Energy Spectrum Advisors Inc. to sell certain leasehold in the Pennsylvania Marcellus shale fairway.

A majority of the leasehold is part of a joint development area of mutual interest (AMI) with Exco Resources and BG Group, who have both indicated they will consider selling their leasehold within the AMI in conjunction with a sale of Little Pine’s leasehold. Exco is the designated operator of the AMI.

The properties are mostly contiguous and include up to 100% working interest (80% net revenue interest) covering 22,499 gross acres (20,889 total net; 4,676 net to Little Pine), in Clearfield County, Pennsylvania. More than 75% of the leasehold expires in 2015 or after, and most of the leases have five-year extensions available.

The latest initial production rates in the immediate area have been reported at 7 million- to more than 9 million cubic feet of gas per day. Also, 80 square miles of 3-D seismic data was recently acquired and will be available for review later this month. The first two wells in the AMI have been permitted and are expected to be drilled in 2012.

Offers will be entertained for all leasehold in the AMI or Little Pine’s properties only.

The bid due date is March 6. Contact B.J. Brandenberger, 214-987-6145, bj.brandenberger@energyspectrum.com.