New Marc/Utica Driller Salt Fork Resources Gets Upsized Investment

It’s not often MDN gets to write about a brand new driller (i.e. exploration & production company) arriving on the scene in the Marcellus/Utica region. This is one of those happy days! Salt Fork Resources, started in March 2017 and headquartered in Canonsburg, PA, was started by three men with extensive experience in the Appalachian region. The company was/is backed by Riverstone Holdings, an investment firm focused on power and energy. The reason that Salt Fork appeared on our radar screen is because of a press release from Riverstone announcing they have “upsized” their backing of Salt Fork–that is, they are giving Salt Fork more money to lease more acreage and drill. How much money? The release does not say. We do know that Salt Fork has, so far, amassed a very respectable 20,000 acres “in the core of the dry gas window of the Utica Shale.” We also know, from their website, that Salt Fork is targeting the Utica in both Ohio and West Virginia. Salt Fork is a portfolio company of Riverstone (i.e. Riverstone owns it). The money Riverstone is giving to Salt Fork is equity, not debt–meaning Salt Fork hasn’t had to borrow a dime, a minor miracle for any oil and gas company. Does Riverstone sound familiar? It should. We’ve previously written about their other Marcellus/Utica region investments a number of times (see our Riverstone stories here). Let’s roll out the red carpet for Riverstone’s Salt Fork Resources and welcome this new company to the club!…

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