American Energy Utica LLC entered into an agreement to acquire 74,000 acres of Utica Dry Gas Acreage in Utica Shale from Hess Corporation for $1.1 billion.

American Energy Utica LLC entered into an agreement to acquire 74,000 acres of Utica Dry Gas Acreage in Utica Shale from Hess Corporation (NYSE:HES) for $1.1 billion on January 29, 2014. Approximately two-thirds of consideration is expected at the end of the first quarter of 2014, with the balance to be received in the third quarter. Hess Corporation intends to use the proceeds from this sale for additional share repurchases.

American Energy Utica LLC acquired approximately 47,000 acres of Utica Dry Gas Acreage in Utica Shale from Hess Corporation for approximately $590 million in March 2014. American Energy Utica LLC acquired remaining approximately 30,000 acres of Utica Dry Gas Acreage in Utica Shale from Hess Corporation for approximately $490 million in second quarter of 2014. Michael Henson and Patrick Scanlan of Sard Verbinnen & Co acted as the public relation advisor for Hess Corporation.

Robin Fredrickson, Yvette Schultz, Patricia Hammond and Jim Cole of Latham & Watkins LLP acted as legal advisors to Hess Corporation.