Denham Sells Marcellus Shale Stake to Williams

Denham Capital has sold its interest in the Marcellus shale in the US through the transfer of 42,000 net acres, acquired in partnership with Alta Resources, to Williams for $501m.

The acreage has total net natural gas reserves potential of about 1.2 trillion cubic feet equivalent.

In February 2009, Denham and Alta entered into a partnership in 2009 under which Denham provided additional capital for Alta to purchase natural gas leases from landowners in northeastern Pennsylvania.

The partnership enabled Alta to expand its extensive lease position and commence drilling and operations, while Denham took advantage of the basin’s cost-competitive production and proximity to key gas markets.