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Statoil ASA Acquires Additional Acreage in Marcellus Shale States

Stat Oil ASA, Norway’s largest oil and gas producer, has acquired approximately 70,000 acres of shale gas acreage in Marcellus states, including West Virginia, Pennsylvania and Ohio, for $590 million according to Fox Business News. With the finalization of this acquisition, Stat Oil ASA now operates production wells in all major shale plays across the U.S. Stat Oil ASA originally entered the Marcellus Shale play through a 2008 partnership with Chesapeake (CHK) which includes a significant interest (32.5%) in Chesapeake leases held in the Northern Panhandle of West Virginia.