CANONSBURG, Pa., Oct. 19, 2016 /PRNewswire/ -- Rice Energy
Inc. (NYSE: RICE) ("Rice Energy") announced today that it
has completed the previously announced acquisition of Vantage
Energy, LLC and Vantage Energy II, LLC (collectively, "Vantage").
In connection with the closing, Rice Energy has completed the sale
of the acquired Vantage midstream assets to Rice Midstream
Partners LP (NYSE: RMP) ("Rice Midstream Partners").
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.
Forward-Looking Statements
This release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). Such forward-looking
statements are subject to a number of risks and uncertainties, many
of which are beyond our control. All statements, other than
historical facts included or incorporated herein that address
activities, events or developments that we expect or anticipate
will or may occur in the future are forward-looking statements. All
forward-looking statements speak only as of the date of this
release. Although we believe that the plans, intentions and
expectations reflected in or suggested by the forward-looking
statements are reasonable, there is no assurance that these plans,
intentions or expectations will be achieved. Therefore, actual
outcomes and results could materially differ from what is
expressed, implied or forecast in such statements.
We caution you that these forward-looking statements are subject
to risks and uncertainties, most of which are difficult to predict
and many of which are beyond our control, including, but not
limited to, the ultimate timing, outcome and results of integrating
the operations of Vantage Energy; the effects of the business
combination of Rice Energy and Vantage Energy, including the
combined company's future financial condition, results of
operations, strategy and plans; potential adverse reactions or
changes to business relationships resulting from fully combining
the businesses; and the ability of Rice Energy and RMP to recognize
the expected benefits and synergies of transactions. Information
concerning these and other factors can be found in our filings with
the Securities and Exchange Commission, including our Forms 10-K,
10-Q and 8-K. Consequently, all of the forward-looking statements
made in this news release are qualified by these cautionary
statements and there can be no assurances that the actual results
or developments anticipated by us will be realized, or even if
realized, that they will have the expected consequences to or
effects on us, our business or operations. We have no intention,
and disclaim any obligation, to update or revise any
forward-looking statements, whether as a result of new information,
future results or otherwise.
Logo -
http://photos.prnewswire.com/prnh/20140123/DA51701LOGO
Logo - http://photos.prnewswire.com/prnh/20150129/172376LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rice-energy-announces-closing-of-vantage-energy-acquisition-300347966.html
SOURCE Rice Energy Inc.