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Quest made $6.1 million by selling about 4,500 undeveloped acres in the field, three wells in various stages of completion and existing pipelines and other equipment to an un-named company.
Future development work within the field will be paid for equally by the un-named company and Quest.
Quest, meanwhile, used about $2.2 million of the revenues from the deal to pay on $29 million of debt. Officials said another payment won't be due for about a year. Between now and then, Quest will be able to use up to another $20 million in cash proceeds from asset sales to pay for its capital expenditures and other expenses.
Any money it makes from asset sales above that amount will have to be used to help retire the existing debt, company officials said.
Still, though, officials celebrated the transaction, saying it's helping the company turn a corner.
"We believe this joint venture agreement improves our liquidity while keeping us positioned to capture the potential associated with the Marcellus Shale formation in Wetzel County," said David Lawler, Quest's president. "We continue to pursue other transactions to further improve our liquidity and generate additional funding for our development plans in the Marcellus Shale play."
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