Montage Resources to Sell Noncore Ohio Utica Asset for $25 Million

摘要

Montage Resources Corp.is divesting a noncore asset sale in its Ohio Utica condensate development area to an international third party.In a company release on July 22,Montage said it entered into a non-binding letter of intent for the sale of its existing noncore Ohio Utica wellhead gas and liquids gathering infrastructure in exchange for a cash payment of $25 million.The transaction is expected to close fourth-quarter 2020."We are extremely pleased to be working with this well-established third party on the sale of these noncore assets,and the proceeds will provide the company the ability to reduce leverage,enhance liquidity and maintain its already strong balance sheet,"John Reinhart,president and CEO,said in a statement.