Tug Hill’s Wandering Eye – JV with Quantum Targets Non-Marcellus
Tug Hill, Inc., an investment firm owns an oil and gas drilling subsidiary called Tug Hill Operating. Tug Hill, to date, has been bosom buddies with Chief Oil & Gas in the Marcellus Shale region (see these MDN articles). Together Tug Hill and Chief have established a lease position of a massive 600,000 Marcellus Shale acres. But what’s this? Tug Hill has a new dance partner. While Tug Hill is not abandoning Chief and their current joint drilling program in the Marcellus, they went looking and found some big money backing from Quantum Energy Partners, a Houston, TX-based private investment firm. Quantum and Tug Hill together (mostly Quantum) is pumping $450 million into a brand new joint venture between the companies to drill in other shale (and perhaps non-shale) plays across the U.S….