Alpha Natural Res. Expands in Marcellus, Drilling Begins in 30d

Aaannnd, we're backCoal company Alpha Natural Resources is expanding their operation in the Marcellus Shale natural gas business. Yesterday Alpha announced its wholly-owned subsidiary, Pennsylvania Services Corporation (PSC), has purchasedĀ back a 50% interest in its natural gas exploration and production joint venture, Pennsylvania Land Resources Holding Company (PLR) from joint venture partner EDF Trading Resources (EDFTR) for $126 million. Alpha’s PSC subsidiary now becomes the the sole owner and operator of the PLR joint venture (which is no longer joint). Lots of acronyms of subsidiaries owning subsidiaries! Bottom line: Alpha can now control and expand a highly economic natural gas development program with 25,000+ net acres AND associated infrastructure–in the Marcellus Shale. Alpha’s EVP Brian Sullivan says they plan to begin drilling in their Marcellus acreage position (in Greene County, PA) in the next 30 days…

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