Murray sells Ohio oil, gas reserves for $63.6M
Murray Energy Corp. has agreed to sell more than 5,900 acres of natural gas and oil reserves in eastern Ohio for $63.6 million, the company announced Wednesday.
St. Clairsville, Ohio-based Murray said in a news release it will receive $48.6 million at closing, which it expects to occur “in coming weeks,” followed by two payments of $7.5 million — one each in 2017 and 2018. The company declined to identify the buyer and said it will use some of the money to reduce debt.
The reserves are in Belmont and Monroe counties.
“This transaction will help to strengthen our position in a very competitive coal marketplace,” said Robert D. Moore, executive vice president, chief operating officer and chief financial officer.