A major energy player here in Pennsylvania, Consol, is getting out of the Marcellus Shale game, according to the Associated Press:
Consol Energy Inc. says it has sold a $193 million stake in its Marcellus Shale holdings in southwestern Pennsylvania and West Virginia.
Consol, based in Canonsburg, announced the deal with Antero Resources Appalachian Corp. of Denver on Monday. Antero will receive royalty interests of approximately 7% in 115,647 acres located in nine counties.
Consol says the cash transaction has an effective date of July 1, 2011.
Consol will retain existing shallow wells and all other leasehold interests on the acreage, including geological formations generally above and below the Marcellus Shale.
The article doesn’t provide a motivation for the sale, or explain whether it’s part of a strategic shift for Consol, who made waves earlier this year by footing the bill for several lawmakers’ trips to the Super Bowl. (Consol also, of course, owns the naming rights for the Pittsburgh Penguins’ home arena.)