Rice Energy Inc. (NYSE: RICE) announced today that it has completed the previously announced acquisition of Vantage Energy, LLC and Vantage Energy II, LLC. In connection with the closing, Rice Energy has completed the sale of the acquired Vantage midstream assets to Rice Midstream Partners LP (NYSE: RMP).
With this acquisition, Rice Energy now controls approximately 231,000 net acres in the Marcellus and Ohio Utica Shale cores with an inventory of 1,164 drilling locations. Similarly, Rice Midstream Partners possesses one of the largest and most concentrated core dry gas acreage dedications in Appalachia, covering approximately 199,000 acres in Washington and Greene Counties.
Aggregate consideration paid at closing was approximately $2.7 billion, which consisted of approximately $1.0 billion cash, the retirement of all assumed debt of approximately $700 million and the issuance of units in Rice Energy Operating LLC, a subsidiary of Rice Energy, that are immediately exchangeable into 40 million shares of Rice Energy common stock, valued at $1.0 billion.
About Rice Energy
Rice Energy Inc. is an independent natural gas and oil company engaged in the acquisition, exploration and development of natural gas and oil properties in the Appalachian Basin.
For more information, please visit www.riceenergy.com.
About Rice Midstream Partners
Rice Midstream Partners LP is a fee-based, growth-oriented limited partnership formed by Rice Energy Inc. to own, operate, develop and acquire midstream assets in the Appalachian basin. RMP provides midstream services to Rice Energy and third-party companies through its natural gas gathering, compression, and water assets in the dry gas cores of the Marcellus and Utica Shales.
For more information, please visit www.ricemidstream.com.