PA Driller Buys Land, Wells from Chesapeake–in NY Finger Lakes
A small independent exploration and production company from Bradford, PA—Minard Run Oil Co.—has just picked up 56,130 acres of leases, 200 miles of pipelines, compressor stations, and 413 natural gas wells—all located in the Finger Lakes region of New York. They purchased the assets from Chesapeake Energy for an undisclosed amount. According to Minard, Chesapeake was “a willing seller,” which kind of feels to MDN like it was a “fire sale” on the part of Chesapeake to get a little more cash on the books before the close of 2012.
For now, Minard plans to continue vertical-only drilling and drill another 20-30 wells in 2013. The company did not mention any plans for horizontal fracking in the future.