Alpha Consolidates Marcellus Shale JV Ownership

(RTTNews) - Coal supplier Alpha Natural Resources Inc (ANR) on Wednesday said its subsidiary, Pennsylvania Services Corp, has acquired the 50% interest in its natural gas exploration and production joint venture, Pennsylvania Land Resources Holding Co LLC, owned by EDF Trading Resources LLC.

The $126 million transaction, which makes Pennsylvania Services ("PSC") the sole owner and operator of the venture, allows Alpha to expand and control a highly economic natural gas development program composed of over 25,000 net acres and associated infrastructure in the Marcellus Shale.

EDF Trading and PSC initially formed the Pennsylvania Land Resources joint venture in May 2013 to exploit a large, concentrated Marcellus Shale gas resource in Greene County, Pennsylvania.