Southwestern Energy CEO Steven Muller. Image courtesy of Southwestern Energy.

Southwestern Energy purchased 46,700 acres in the Marcellus shale play from Oklahoma-based WPX Wednesday for $300 million.

The acreage is currently producing 50 million net cubic feet of gas per day from 63 operated wells.

The deal also includes transportation capacity of 260 million cubic feet of gas per day, primarily in the Millennium pipeline.

All of the assets are located in Susquehanna County, Pennsylvania.

Houston-based Southwestern will fiance the deal with a revolving credit facility.

The sale is expected to close in the first quarter of 2015.

“This acreage position complements our existing Marcellus acreage in northern Susquehanna County where we have recently seen very good results from two of our wells, the Hughes North 1H and the Dayton 4H,” Southwestern president and CEO Steve Mueller said.

In October, Southwestern agreed to buy 413,000 Marcellus and Utica acres from Oklahoma-based Chesapeake Energy for $5.38 billion.


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