Major New Player in the Marcellus Emerges: Mountaineer Keystone

Earlier this week Mountaineer Keystone, a shale driller headquartered in Pittsburgh, announced it had bought out PDC Mountaineer for half a billion dollars ($500 million). Who are these two players? Mountaineer Keystone is backed by the money of investment firm First Reserve. PDC Mountaineer is a joint venture between PDC Energy and investment firm Lime Rock Partners. The deal means Mountaineer Keystone picks up a huge 131,000 net acres in the Marcellus/Utica region, boosting the company’s position to a new 181,000 net acres. Also part of the deal is a small gathering pipeline operation. Here’s the details…

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