Atlas Energy, a once-major driller in the Marcellus Shale, sold much of their Marcellus operations to Chevron in 2011 (see India’s RIL Loses Bidding War for Atlas Energy – $4.3 Billion Deal with Chevron Goes Forward). The Cohen family that runs the company is interesting and colorful. They bought into the company in the 1990s and happened to be in the right place at the right time, just prior to the discovery of the Marcellus (see The Unconventional Rise & Sale of Atlas Energy). In October 2014, the Cohens did it again. Talk about perfect timing! The Cohens sold more of what was left–for a truly astonishing $7.7 billion–to Targa Resources Partners, just prior to the crash of natgas prices (see Atlas Energy/Pipeline Sells Itself (Again) – for $7.7 BILLION!). However, what was left of Atlas hit a few bumps in the road. The company’s stock was de-listed on the New York Stock Exchange and last July Atlas Resource Partners (subsidiary) filed for bankruptcy (see Atlas Resource Partners Filing for Bankruptcy Tomorrow). The company that emerged from bankruptcy was renamed Titan Energy, which put up a huge block of Marcellus/Utica acreage for sale earlier this year (see Titan Energy Puts 494K Appalachian Acres Up for Sale). The Cohens have turned up again. They are offering shares in a new “blank check” company called Osprey Energy, looking to raise $250 million to buy up distressed oil and gas companies. What’s a “blank check” company? We’ll explain…
