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New deal for Alpha Natural Resources

Published On: Dec 09 2013 08:20:50 PM CST
BRISTOL, Va. -

     Alpha Natural Resources is cashing out of a joint venture and seeing an excellent return on the investment.

     The coal company is exchanging its 50% interest in Alpha Shale Resources for $300-million.  $200 million will be in the form common stock of Rice Energy at the company's initial public offering.  Alpha is getting the other $100-million in cash.

     This comes from a joint venture Alpha and Rice Energy entered into in 2010 to develop a portion of Alpha's Marcellus natural gas holdings in Greene County, Pennsylvania.