Three U.S. shale gas firms up for sale – WSJ

Aug 20 (BestGrowthStock) – Three privately owned U.S. natural gas
operators, potentially worth a combined $5.5 billion, are up for
sale and looking to tap into major energy companies’ demand for
shale gas, the Wall Street Journal said.

Dallas-based Chief Oil & Gas, an active operator in the
Marcellus Shale on the East Coast, is on the block, and could be
snapped up for up to $3 billion, people familiar with the matter
told the Journal.

Founded in 1994, privately held Chief Oil is engaged in the
exploration, development and production of oil and natural gas
reserves in several fields in the Appalachian Basin, northern
Texas, and Central Utah, its website said.

Dallas-based Talon Oil & Gas LLC, which is backed by
private-equity firm EnCap Investments LP, is also seeking
buyers, the daily said.

Talon, with operations in three Texas regions, could go for
between $1 billion and $1.5 billion, it added.

While Denver-based Anschutz Exploration Corp, with assets in
the Bakken shale, could fetch about $1 billion, one person
familiar with the matter told Wall Street Journal.

Operations of these companies are limited by their size and
are leading them to explore a sale to a larger player, the paper
said.

Shale gas is forming a growing part of U.S. domestic energy
production, and that demand has driven a number of large deals
as leading global players compete to snap up reserves.
[ID:nLDE64A1DY] [ID:nN18229665]
(Reporting by Archana Shankar in Bangalore; editing by Simon
Jessop)

Three U.S. shale gas firms up for sale – WSJ