PITTSBURGH, May 31 /PRNewswire-FirstCall/ -- Equitable Resources, Inc.
(NYSE: EQT) today announced the closing of most of its previously disclosed
sale of non-core gas properties to NCL Appalachian Partners, a partnership
between Locin Oil Corporation and GE Commercial Finance Energy Financial
Services. Equitable sold an estimated 66 Bcf of proved reserves, of which
approximately 59 Bcf were developed, for $147 million. The proceeds are
subject to purchase price adjustments, and a small portion of the properties
will close upon the receipt of necessary approvals. The Company believes that
no gain or loss will be recorded upon the closing of this transaction.
Equitable is also reiterating its 2005 Supply sales estimate of 73 Bcf.
Equitable was advised by Petrie Parkman & Co. during the transaction.
Disclosures in this press release contain forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended. A variety
of factors could cause the Company's actual results to differ materially from
the anticipated results or other expectations expressed in these forward-
looking statements.
Equitable Resources is an integrated energy company, with emphasis on
Appalachian area natural gas production supply, natural gas transmission and
distribution. For more information please visit http://www.eqt.com .
SOURCE Equitable Resources, Inc.
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Related links:
http://www.eqt.com
CONTACT:
Patrick Kane of Equitable Resources, Inc.,
+1-412-553-7833
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