EQT Corporation continues the expansion of its core Marcellus position, picking up 42,600 net acres from Trans Energy and Republic Energy for US$513 million. The price equates to US$16,000/acre, after adjusting for 42 MMcfe/d of flowing production using an assumed US$12,000 per flowing Mboe/d. The acquired position falls in the heart of EQT's core development area, where it is aggressively ramping up production. We arrived at well-level breakevens of US$2.66/Mcf and US$2.24/Mcf for WV Dry Gas and WV Rich Gas horizontal wells, respectively. EQT has been vocal about its intent to expand in its core Marcellus position and has now acquired a total of 143,000 net acres so far this year. Concurrent with this deal, EQT also announced the acquisition of 17,000 net Marcellus acres from a third party for US$170 million.