EOG Resources to Sell 50,000 Acres of Gas-Rich Land in Pennsylvania

Houston-based EOG Resources Inc. announced on Monday that it will sell 50,000 acres of natural gas-rich land in Pennsylvania.

The company says it will sell the land in the heart of the Marcellus Shale for $405 million to Newfield Exploration Company.

The amount of land being sold represents only about .5% of EOG’s total North American production. EOG will keep some 170,000 acres within the Marcellus Shale region.

In a statement released by EOG, the company said it expects the sale to close by year’s end.

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