Texas Billionaire George Mitchell is Betting on the Marcellus in PA

According to the Forth Worth, TX Star-Telegram:

George P. Mitchell, the billionaire who pioneered development of shale gas in the Barnett formation of North Texas, is betting that the Marcellus Shale of Pennsylvania will be similarly prolific.

The 89-year-old oilman…said he expects Marcellus to be a “big boom” to Pennsylvania, birthplace of the U.S. oil industry. The natural gas prospect may stretch across about half the state, he said.

“Pennsylvania looks like a hell of a play, and I can’t understand how in 150 years we found it just now,” Mitchell said Wednesday in an interview at his office in downtown Houston. “Pennsylvania is a tough play right now, but I think in my geological opinion, it has tremendous potential.”

The article also says that Mitchell is providing backing for Alta Resources to drill in the Marcellus. Alta is right now investing in 45,000 acres in the Marcellus region.

Read the full article: Barnett Shale pioneer now betting on Pennsylvania shale