Alpha Natural Resources filed with the U.S. Bankruptcy Court a notice that the Company has determined that Vantage Energy Appalachia II offered the highest and best bid for the purchase of the Debtors’ “PLR” assets with its cash price of $339,500,000. The PLR assets consist of certain oil and natural gas assets in Southwest Pennsylvania owned by Company subsidiary Pennsylvania Land Resources.
The Company also selected the bid submitted by Rice Drilling B as the second highest offer. Alpha Natural Resources chairman and C.E.O., Kevin Crutchfield, comments, “While we were not surprised with the interest the PLR Assets generated from operators in the region, the strategic sale of these assets will only help to maximize the value of the estate for the benefit of all stakeholders.”
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