Siltstone Resources 2019 Appalachia Divestiture


  • Opportunity to acquire a substantial portfolio of mineral and royalty assets in the core of the Utica, Marcellus, and Upper Devonian
    • 52,406 net royalty acres(1), 1,771 ORRI acres(1), and 1,930 additional leased working interest acres
  • Low concentration risk, with interest in >625 currently producing wells across 20 counties in OH, PA, and WV
    • March 2019 production of 16.2 net mmcfe/d (90% gas) with drilling inventory consisting of >5,000 locations
    • LTM cash flow of ~$30 million
  • Well-distributed acreage provides high-confidence upside exposure across the tri-state region
    • Seller has exposure to >50% of the future development locations in core Utica