Triana Energy, LLC and Marathon Oil Corporation, through a wholly owned subsidiary, have joined forces to develop approximately 82,000 acres of Marcellus prospects in Fayette County, Pennsylvania and several counties in northern West Virginia. The partnership brings together two experienced operators and a set of high potential mineral assets.
Under terms of the agreement, Triana will drill four horizontal wells on the acreage in 2011 to define optimal completion patterns later this year. Subsequent development activity will involve systematically drilling 132 horizontal wells on 43 pads. Full development of the property could potentially involve up to 350 wells. Triana President Henry Harmon notes, “We have conducted an extensive geologic assessment of this area and our evaluation is supported by the activity of other experienced operators. We believe this acreage holds exceptional opportunities for large scale Marcellus shale development.”
Harmon notes, “We’re delighted to join forces with an outstanding company like Marathon. Our mutual commitment to environmental, health and safety stewardship is a key to the success of this joint venture.”
The transaction is the latest in a series of acquisitions and partnerships by Triana which represent steps toward aggregating an industry-leading position for Marcellus development in highly prospective areas of Pennsylvania and West Virginia. Triana also currently operates Marcellus development projects in Potter, Clearfield, and McKean Counties in Pennsylvania and Taylor and Lewis Counties in West Virginia.
*Triana Energy Press Release (Feb 3) – Triana Energy and Marathon Oil Corporation Join Forces to Develop Marcellus Acreage (PDF file)