STATE COLLEGE, Pa., June 26, 2013 -- /PRNewswire/ -- Eclipse Resources I, LP ("Eclipse Resources") announced today that it has acquired The Oxford Oil Company, LLC, with approximately 184,000 net acres in Ohio and 13.8 Bcfe of proved developed producing reserves. The Oxford Oil Company, LLC ("Oxford") was subsequently renamed to Eclipse Resources – Ohio, LLC and will remain a wholly owned subsidiary of Eclipse Resources. In conjunction with the acquisition, the company has completed a private offering of $300 million of senior unsecured notes with the ability to sell an additional $100 million over the next twelve months to the note acquirers.
Prior to the acquisition, Eclipse Resources owned approximately 41,000 net acres in Belmont, Guernsey, Monroe and Noble Counties in Ohio where the largest wells in the Utica Shale play have been reported to date. With the acquisition of Oxford, Eclipse Resources now owns approximately 90,000 net acres in these core Utica Shale counties, as well as in Harrison County, Ohio. Eclipse Resources has recently completed drilling a Utica Shale well in Monroe County with very encouraging results, and has participated in five wells in Noble County that have shown strong initial production rates and high liquids yields. The company is currently running one rig in the play, and is participating, on a non-operated basis, in operations of three additional rigs in the play.
Benjamin W. Hulburt, President and CEO of Eclipse Resources, commented, "We are extremely excited to have completed this very significant acquisition, making Eclipse Resources one of the largest acreage owners in the "core" of the Utica Shale play in southeastern Ohio. We plan to grow our operated, Utica focused rig count to up to five horizontal rigs running in the play between now and year-end 2014. We are planning a very active drilling program in Harrison, Guernsey, Noble, Belmont and Monroe Counties.