December 21, 2012
Antero Resources Announces Closing of Piceance Asset Sale
Denver, Colorado, December 21, 2012 - Antero Resources today announced that it has closed the previously announced sale of all of its natural gas and pipeline assets in the Piceance Basin along with firm transportation obligations through 2021. After adjusting for estimated income, expenses and capital costs related to the Piceance Basin properties from the October 1, 2012 effective date of the sale through December 21, 2012, Antero received $316 million in gross proceeds at closing, subject to final post- closing adjustments. Additionally, Antero has separately monetized 78 Bcf of CIG Index (Rockies) hedges for total proceeds of $112 million. The Company expects to recognize a non-cash loss on the sale of the properties. The assets sold include 61,000 net acres of leasehold in the Piceance Basin located in western Colorado. The assets contained an estimated 205 Bcfe of proved developed reserves as of September 30, 2012 and were producing approximately 52 MMcfed from 284 gross...