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Murray Energy sells shale gas assets

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World Coal,

US coal company Murray Energy will sell its Utica shale gas reserves for US$63.6 million, the company said in a recent press release. The reserves are located in Belmont and Monroe Counties in eastern Ohio.

“We are pleased that we were able to reach this agreement, which will provide us with additional liquidity and will allow us to further focus our efforts on our core business,” said Robert Moore, Murray’s Chief Operating Officer and Chief Financial Officer.

“This transaction will help to strengthen our position in a very competitive marketplace,” added Moore.

Murray will receive US$4.6 million when the deal closes with two further payments of US$7.5 million – one in 2017 and the next in 2018. The sale is expected to close in the next few weeks. Proceeds from the sale will be used to pay down some of the Murray’s debt, the company said.

The buyer of the assets was not revealed.

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