By way of one example we just surpassed 4 trillion cubic feet of responsible natural gas production in our Pennsylvania asset in Northeast Appalachia which continues to deliver great value to the Company.
The 226,000 net effective acres are adjacent to SWN's newest operations in the Haynesville.
The addition of GEP increases SWN's total production to 4.7 billion cubic foot a day [Phonetic] equivalent per day, including 1.7 Bcf per day from Haynesville making us the largest operator in the Haynesville.
It will also increase SWN's expected year end 2021 SEC proved reserves to approximately 21 trillion cubic feet equivalent.
The transaction had 700 economic locations to our high quality inventory with the scale adding acquisitions, well cost reductions, performance enhancements and commodity price improvement.
The Company now has approximately 6800 economic locations across the enterprise.
Turning to the terms of the deal, the $1.85 billion total consideration is comprised of $1.325 billion in cash and approximately $525 million of SWN stock.
The cash portion will be debt financed and the equity portion will consist of 99 million shares of SWN stock calculated per the agreed 30 day VWAP of $5.28 per share as of November 3.
The purchase price implies an enterprise value to projected '22 EBITDA of 2.9 times, a meaningful discount to where SWN currently trades and at a discount compared to other recent natural gas consolidation transactions.
Cash flow per share, free cash flow per share and earnings per share all increased by approximately 15%.
Included in these accretion estimates are the already identified $25 million of synergies in 2022.
We expect our synergy capture to increase to $50 million per year starting in '23.
In 3Q, which included 30 days of Haynesville, we reported total production of 310 Bcfe at the top end of our guidance range.
We exited the quarter producing 4 Bcfe per day including 1 Bcf per day in Haynesville.
Total production included 106,000 barrels per day of NGLs and oil which is flat with the previous two quarters.
In September, we brought our first five wells online, all of which were in the Middle Bossier with an average initial production rate of 24 million cubic feet per day and an average c lat of approximately 6300 feet.
We will issue formal 2022 guidance early next year and maintain our commitment to maintenance capital program with investment of approximately 1.9 billion holding production flat.
During the quarter, we generated $105 million of free cash flow.
We ended the third quarter with $4.2 billion in total debt, reducing our leverage by 0.4 times to 2.2 times.
From a debt perspective, the deal is essentially leverage neutral with our expected year end leverage near 2.0 times.
Given our increased scale, with the current commodity price outlook, we would expect approximately $2.3 billion in free cash flow over the next two years.
Using this cash for debt repayment, we'll reduce our total debt to approximately $3 billion, our leverage ratio to near 1.0 times, our debt would then be at the low end of our announced $3.0 billion to $3.5 billion target range and our leverage ratio at the lower end of our newly announced 1.0 times to 1.5 times target range.

Summary:
In 3Q, which included 30 days of Haynesville, we reported total production of 310 Bcfe at the top end of our guidance range.