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Weekly Shale Drilling Permits for PA, OH, WV: Apr 5-9

Only Pennsylvania, of the three active Marcellus/Utica drilling states, issued new shale drilling permits last week. But PA’s permits were more than enough to make up for Ohio and West Virginia. PA issued 20 new permits in 7 different counties, scattered across the state (although most of the permits were issued in the dry gas northeastern part of the state).
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Weekly Shale Drilling Permits for PA, OH, WV: Mar 29-Apr 2

All three M-U states received permits to drill new shale wells last week. Pennsylvania received 6 new permits (4 of them for Chesapeake Energy). Ohio received 4 new permits last week, all of them for Antero Resources (2 different well pads). And West Virginia received 4 new permits (3 of them for Southwestern Energy).
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LOLA Energy’s Purchase of EdgeMarc Assets – The Backstory

Yesterday we brought you the news that LOLA Energy continues to transform itself with the purchase of what was EdgeMarc Energy’s shale assets in Butler County, PA (see LOLA Energy Buys Former EdgeMarc Shale Assets in Butler County, PA). LOLA picked up 22,000 net acres of Marcellus/Utica leases, 48 producing shale wells, and 18 DUCs. Ace reporter Paul Gough from the Pittsburgh Business Times spoke with LOLA CEO Jim Crockard and got the backstory behind the deal. It seems Crockard had his eye on that part of the state “for a long time.” He even considered an offer to work for EdgeMarc years ago. Good thing he didn’t take the job.
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LOLA Energy Buys Former EdgeMarc Shale Assets in Butler County, PA

LOLA Energy (LOLA stands for Locally Owned, Locally Accountable) continues to evolve. Or perhaps transform is a better word. LOLA announced yesterday it has closed on the acquisition of what was EdgeMarc Energy’s assets in Butler County, Pennsylvania. Those assets include 22,000 net acres of Marcellus/Utica leases, 48 producing shale wells, and 18 DUCs (drilled but uncompleted shale wells). It’s time to party, cue the Barry Manilow music!
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EdgeMarc Energy Settles $1.2M Class Action Lawsuit re Overtime

A lawsuit against Pennsylvania driller EdgeMarc Energy that began in 2018 is finally settled. In Sept. 2018 MDN told you about a single former employee of EdgeMarc launching what turned into a class action lawsuit against the company alleging some employees were misclassified as independent contractors and denied overtime pay (see EdgeMarc Energy Sued for Failing to Pay Overtime – Class Action).
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Bankruptcy Judge OKs EdgeMarc Energy’s Final Chapter 11 Plan

EdgeMarc Energy, headquartered in Canonsburg, PA (once with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May 2019, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). It was touch and go for while as to whether EdgeMarc would be required to file for Chapter 7 (total liquidation) or Chapter 11 (live to fight another day). Yesterday the bankruptcy judge signed off on a final Chapter 11 plan.
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Bankrupt EdgeMarc Sells Butler, PA Assets to KeyBank for $70M

click for larger version

EdgeMarc Energy, headquartered in Canonsburg, PA (once with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy last May, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). Diversified Gas & Oil picked up EdgeMarc’s Ohio Utica assets for $50 million in August (see Bankrupt EdgeMarc Sells Ohio Utica Assets to Diversified for $50M). And now, the balance of EdgeMarc’s assets–located in Butler County, PA– is slated to be sold too.
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EdgeMarc Tries to Stay in Chapter 11, out of Chapter 7 Bankruptcy

EdgeMarc Energy, headquartered in Canonsburg, PA (with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). In October several EdgeMarc creditors asked the bankruptcy court judge to convert the Chapter 11 filing into a Chapter 7–which would liquidate and sell everything, in whole or in part, to the highest bidder (see EdgeMarc Creditors Ask Judge to Change Bankruptcy from Ch 11 to 7). EdgeMarc is fighting to keep the filing a Chapter 11.
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EdgeMarc Creditors Ask Judge to Change Bankruptcy from Ch 11 to 7

Difference between Chapter 7 & 11 (click for larger version)

EdgeMarc Energy, headquartered in Canonsburg, PA (with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). The reason? They can’t move their production to market because their main pipeline partner, Energy Transfer’s Revolution Pipeline, exploded in September 2018 and ET has not been able to get the PA Dept. of Environmental Protection to allow them to fix and restart it.
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Diversified May Monetize Some EdgeMarc OH Utica Assets

In August MDN told you that Diversified Gas & Oil was the high (and only) bidder for Ohio Utica assets owned by EdgeMarc Energy, buying those assets out of bankruptcy court (see Bankrupt EdgeMarc Sells Ohio Utica Assets to Diversified for $50M). In a recent interview EdgeMarc CEO Rusty Hutson said the company may (underscore may) look to monetize, or sell, some of those undeveloped assets recently purchased.

UPDATE: Please note that this article was modified from a previous version. A representative alerted us that our original take, in which we said Diversified was “flipping” the EdgeMarc assets, was incorrect and misleading. We do sincerely regret that error.
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Bankrupt EdgeMarc Sells Ohio Utica Assets to Diversified for $50M

EdgeMarc Energy, headquartered in Canonsburg, PA (with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). Diversified Gas & Oil placed a bid on EdgeMarc’s Ohio Utica assets, offering $50 million. Nobody else bid, so the bankruptcy court has just approved the sale to Diversified. How many Utica wells and how much acreage? We tell you below.
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EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe

EdgeMarc Energy, headquartered in Canonsburg, PA (with 45,000 acres of Marcellus/Utica leases), is filing for Chapter 11 bankruptcy, looking to sell all of the company’s assets. The reason? They can’t move their production to market because their main pipeline partner, Energy Transfer’s Revolution Pipeline, exploded last September and ET has not been able to get the PA Dept. of Environmental Protection to allow them to restart it.
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EdgeMarc Energy Sued for Failing to Pay Overtime – Class Action

Last Wednesday a single person employed by EdgeMarc Energy in Ohio filed a lawsuit against the company in federal court claiming he was “misclassified” as an independent contractor when in reality he was functioning as a full-blown employee. Why does it make a difference? Because independent contractors (1099s) are paid a straight, per-hour rate no matter how many hours they work, whereas employees must, under federal (and state) law, be paid overtime for any hours worked over 40. The worker alleges the company intentionally uses independent contractor status to wiggle out of paying overtime, and that he’s not the only one. Normally one disgruntled employee suing an employer is not newsworthy–but in this case the law firm is attempting to get the lawsuit certified as a class action, potentially covering hundreds of workers. And that IS a big deal…
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PA DEP Fines Butler County Gathering Pipeline $185K for Erosion

MDN spotted an announcement issue by the Pennsylvania Dept. of Environmental Protection (DEP) stating they’ve assessed a $185,000 fine on the Constellation Pipeline and its builder EM Energy (i.e. EdgeMarc) for a series of violations when building the pipeline in 2014-2015. That sent us digging. We don’t recall a Constellation Pipeline (and we’ve been writing MDN since 2009). What is the pipeline? Where, in PA, is it located? What is its purpose? We think we found most of the answers…
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Update on EdgeMarc – 53K Acres Split Between Marcellus & Utica

EdgeMarc EnergyLast week the Canton Regional Chamber of Commerce and ShaleDirectories.com co-hosted the Utica Upstream conference at the Pro Football Hall of Fame in Canton, OH. MDN previously gathered up reported comments from the person who seemed to steal the show, Maria Cortez of energy research firm/consultant Wood Mackenzie (see Utica Event: OH Landowners Will Lose $6.5B in 5 Yrs, NEXUS Nixed). She predicted the NEXUS pipeline will not get built. However, there were a number of other interesting speakers at the event. One of them was Callum Streeter, Chief Operating Officer at EdgeMarc Energy Holdings (driller based in Canonsburg, PA). EdgeMarc drills in both PA and in OH. Streeter gave a good overview of his company. EdgeMarc’s leased acreage is split just about 50/50 between Marcellus and Utica…
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Marcellus Driller EdgeMarc Gets $300M from Ontario Teachers

money bagEdgeMarc Energy is a small driller headquartered in the Pittsburgh area, formed in 2012. The company has leased 50,000 acres in the Marcellus and Utica Shales. On Monday EdgeMarc issued a press release to announce they’ve attracted a new investor–the Ontario Teachers’ Pension Plan–which has promised the company up to $300 million in cash in return for part ownership (called an “equity commitment”). The announcement also says EdgeMarc currently drills and produces natural gas in Monroe and Washington counties in Ohio, and Butler County in Pennsylvania. In checking the latest issue of our 2015 Marcellus and Utica Shale Databook series, Volume 2, we find that EM Energy (which we assume is EdgeMarc) received permits to drill or continue work on 11 different wells in Butler County from May through August 2015 (see our Databook chart below). Including an existing equity commitment from Goldman Sachs, EdgeMarc, a private company, has now sold off $750 million worth of the company to outside investors…
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