Former EV Energy Partners Sells Appalachian Assets for $20.5M

In June 2018, EV Energy Partners (EVEP), the drilling subsidiary of EnerVest, emerged from bankruptcy court a mere two months after entering with $355 million of debt erased and sporting a new name: Harvest Oil & Gas Corp. (see EV Energy Partners Emerges from Bankruptcy with New Name). Harvest’s drilling and assets are focused in Ohio, Pennsylvania, and West Virginia where they own/operate 9,787 conventional wells on 916,832 gross leased acres. The company announced yesterday it’s selling off its Appalachian assets for $20.5 million (and no, that’s not a typo).
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Bill to Bring Cracker-Type Investment to Northeast PA Resurrected

In April 2019, Pennsylvania State Rep. Mike Turzai, Speaker of the House (who has since resigned and left), along with a group of conservative Republicans, announced a plan for the future of PA (see PA Republicans Launch “Energize PA” to Counter Wolf’s “Restore PA”). Called Energize PA, the plan as codified in eight bills would “make it easier for companies to get environmental permits, encourage development on abandoned industrial sites, and make it cheaper to run natural gas lines to businesses.” One of the eight bills is House Bill (HB) 1100, a bill offering a tax incentive, a reduction in taxes, IF a company builds a new petrochemical plant in the state–particularly in the northeast “dry gas” area of the state.
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Marcellus Shale Development (MDS) Floats $150M in New Units

A small Marcellus-focused drilling company based in western Pennsylvania is once again looking for investors. MDS Energy was established in 2005 by Michael D. Snyder. By 2006 the company offered its first investment partnership. Drilling companies today are as much about investments and finance as they are about sinking holes in the ground. MDS quickly grew and in 2007 founded a sister company to concentrate on oilfield services (drilling, construction, etc.) called First Class Energy. First Class has gone on to drill over 1,000 wells, mostly for MDS competitors since MDS itself has not drilled all that many wells–as of the end of 2017 (going by our Marcellus & Utica Shale Upstream Almanac) MDS had eight permits and had drilled four wells–all in Armstrong County, PA.
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Huge Bipartisan Majority in PA House Votes to Block Carbon Tax

Yesterday the Pennsylvania House of Representatives voted 130 to 71 (with overwhelming bipartisan support) to pass House Bill (HB) 2025 which would block Gov. Wolf’s attempt to force PA into a northeast carbon tax scheme. We’ve written plenty about Wolf’s plan to force the state to join the Regional Greenhouse Gas Initiative, or RGGI (see Gov. Wolf Goes Bonkers: EO Destroying Gas-Fired Elec, Carbon Tax).
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PA DEP Teases Fake Report Claiming Carbon Tax Saves Lives & Money

Shame on Pennsylvania Dept. of Environmental Protection (DEP) Secretary Pat McDonnell for prostituting himself to Gov. Tom Wolf by teasing a forthcoming “report” that says by enacting a jobs-killing carbon tax in the state it will generate 27,000 new jobs, add $1.9 billion to the PA economy, and even save lives. (Maybe the carbon tax can part the Red Sea too?) These are outrageous lies. Perhaps McDonnell should have resigned if Wolf was pressuring him to lie like that. Better to resign with dignity than damage your reputation for becoming known as a paid liar.
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Shale Energy Stories of Interest: Thu, Jul 9, 2020

MARCELLUS/UTICA REGION: Scott Stringer burdens New York City taxpayers with his woke ways; OTHER U.S. REGIONS: Associated gas plays lead US production higher despite steady fall in rig count; The challenges posed by shutting down the Dakota Access crude pipeline; NATIONAL: Sec. of Energy: COVID-19 brought oil and gas down, but the Trump administration is powering a comeback; Demand destruction cuts U.S. LNG exports to more than 20-month low; Joe Biden recruits Tom Steyer as his climate change guru; Market rebalance underway after painful shock to the system; INTERNATIONAL: Russia-led Nord Stream 2 gas pipeline could be completed soon.
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