Baker Botts represented EQT Corporation in the transaction, while Shearman & Sterling advised Diversified Gas & Oil.
EQT Corporation has completed the sale to Diversified Gas & Oil Corporation (“DGOC”) of certain upstream and midstream gas assets located in Pennsylvania and West Virginia for a total of $125 million base consideration, with the potential of an additional $20 million in contingent consideration over two and a half years based on certain pricing targets should commodity prices rise. DGOC is a subsidiary of Diversified Gas & Oil plc, which is listed on the London Stock Exchange’s Alternative Investment Market.
The upstream assets acquired by DGOC are all of EQT Production’s assets in Tioga County, Pennsylvania and its non-core shallow wells located in central Pennsylvania and West Virginia. The midstream assets acquired by DGOC are also located in Pennsylvania and West Virginia and include low pressure gathering lines and compressor stations. EQT retained all deep rights under the properties sold outside of Tioga County, Pennsylvania.
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin.
The Baker Botts team was led by Mike Bengtson (Picture), John Kaercher, Michael Portillo, Gaye Lentz, Jon Lobb, Jordan Hahn, Paulina Williams, Eric Winwood and Marian Fielding.
Shearman & Sterling advised Diversified Gas & Oil with a team including Jeremy Kennedy, Ryan Staine, Delanah Davis, Todd Lowther, Jason Pratt, Julia Pashin, and Molly Harding.
Involved fees earner: Mike Bengtson – Baker Botts; Marian Fielding – Baker Botts; Jordan Hahn – Baker Botts; John Kaercher – Baker Botts; Jon Lobb – Baker Botts; Michael Portillo – Baker Botts; Gaye White Lentz – Baker Botts; Paulina Williams – Baker Botts; Eric Winwood – Baker Botts; Delanah Davis – Shearman & Sterling; Molly Harding – Shearman & Sterling; Jeremy Kennedy – Shearman & Sterling; Todd Lowther – Shearman & Sterling; Julia Pashin – Shearman & Sterling; Jason Pratt – Shearman & Sterling; Ryan Staine – Shearman & Sterling;