Vantage Energy files for $400 million IPO

The Colorado-based Vantage Energy, one of the largest natural gas producers in southwestern Pennsylvania, recently filed with the SEC for a $400 million initial public offering, with plans to trade on the New York Stock Exchange.

Based in Englewood, Colo., Vantage has extensive operations in Pennsylvania's Greene County. No pricing information was released for the IPO, the Pittsburgh Business Times reports.

The company is No. 12 on the 2014 Pittsburgh Business Ties Book of Lists of the largest natural gas companies in the state. Just under half of its net acreage is in the Marcellus Shale and in Greene County.

According to the SEC filing, Vantage has two bottom-hole rigs in Marcellus and two in the Barnett Shale in Texas, with plans to continue production through at least the end of the year. The company has 49 horizontal wells in Marcellus, with 18 in production, according to the Pittsburgh Business Times.

Vantage has identified more than 1,000 drilling locations: 423 in the Marcellus Shale, 312 in the Upper Devonian and the remainder in Barnett.

"Based on our drilling results, as well as drilling results publicly released by other operators, we believe that Greene County offers some of the most attractive single-well rates of return in North America," Vantage said in its filing, the Pittsburgh Business Times reports. "We are focused on infill lease acquisitions that will consolidate our acreage, increase effective lateral lengths and result in operational efficiencies. Additionally, compared to other areas of the Marcellus Shale, we believe that Greene County is among the best-served by current and planned transportation infrastructure that will support our future production growth. We also maintain a strong commitment to developing the necessary midstream infrastructure to support our drilling schedule and production growth."