XTO Energy(XTO Quote) announced Tuesday that it will acquire 152,000 net acres of leasehold in the Appalachian basin from Linn Energy (LINE Quote) for $600 million.
The deal marks XTO's move into the white-hot Marcellus Shale play stretching from West Virginia through Pennsylvania to the outskirts of New York City. Some geologists say the Marcellus could produce more than 50 trillion cubic feet of natural gas. The potential windfall has ignited a land-rush that the domestic oil and gas industry hasn't seen the likes of in years.
Through the acquisition, XTO joins the ranks of companies such as Chesapeake Energy (CHK Quote), Range Resources (RRC Quote), EOG Resources (EOG Quote), Cabot Oil & Gas (COG Quote) and Anadarko Petroleum(APC Quote), all of whom are vying for position in the region. ...
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