Quest Energy up 8% after completing purchase of Appalachian gas and oil wells
Quest Energy Partners L.P. (Nasdaq:QELP) announced ahead of the opening today it had completed the purchase of natural gas and oil producing wells in the Appalachian Basin from Quest Resource Corporation (Nasdaq:QRCP) for a cash consideration of $72 million. The wells have developed reserves with an estimated 32.9 billion cubic feet of natural gas equivalent.
“QELP is acquiring long-lived natural gas producing properties that are immediately accretive to distributable cash flow per unit, add geographic and geologic diversity, receive premium natural gas pricing, and offer numerous low-risk development opportunities,” said Jerry Cash, chairman and CEO of the general partner of Quest Energy, in a statement.
Shares of Quest Energy are up 8%, or $1.25, at $16.83 at 2:34 p.m. ET. Trading volume is more than double the average number of shares.
For detailed price information and recent news stories on Quest Energy Partners L.P., click QELP.
