Butler County | EdgeMarc Energy | Energy Companies | Industrywide Issues | LOLA Energy | M&A | Pennsylvania
LOLA Energy Buys Former EdgeMarc Shale Assets in Butler County, PA
LOLA Energy (LOLA stands for Locally Owned, Locally Accountable) continues to evolve. Or perhaps transform is a better word. LOLA announced yesterday it has closed on the acquisition of what was EdgeMarc Energy’s assets in Butler County, Pennsylvania. Those assets include 22,000 net acres of Marcellus/Utica leases, 48 producing shale wells, and 18 DUCs (drilled but uncompleted shale wells). It’s time to party, cue the Barry Manilow music!
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Pennsylvania Gov. Tom Wolf continues his efforts to force his state, without approval by its citizens (via the legislature) to join the so-called Regional Greenhouse Gas Initiative (RGGI), a glorified carbon tax on coal- and gas-fired power plants. What Wolf and his lackey Pat McDonnell at the Dept. of Environmental Protection refuse to tell PA citizens is just how high the RGGI carbon tax has climbed. The U.S. Energy Information Administration reports the most recent RGGI quarterly auction, held on March 3, 2021, resulted in the highest price (tax) per ton of CO2 yet.
In a very gentle and diplomatic way, Pennsylvania State Senator John Yudichak (Independent from Wilkes-Barre) told Department of Community & Economic Development (DCED) Secretary Dennis Davin on Monday he’s not doing his job. Yudichak told Davin “site selectors” (people who work with companies to select sites for big manufacturing and other types of facilities across the U.S.) aren’t aware of the tax credits available as part of Act 66, a law passed last year aimed at building new petrochemical plants in PA.
Yet another attack on the oil and gas industry by the officially out-of-control Democrats in Congress. In years gone by a few fringe leftists from the Democrat Party have introduced several bills, including the FRAC Act, aimed at permanently ripping the U.S. Constitution apart by overriding states’ rights to regulate and control oil and gas drilling within their own borders. Using the faux excuse of man-made global warming, the FRAC Act overrides the individual states and grants broad/sweeping power to the federal Environmental Protection Agency (EPA) to regulate fracking. The Dems are at it again, reintroducing the FRAC Act and four other bills (called the “Frack Pack”), all aimed at restricting/eliminating fracking nationwide.
MARCELLUS/UTICA REGION: Babst Calland named to Pennsylvania Business Central’s top 100 organizations; Mariner East opponents have gone home, but ET is still helping others; Borowicz pleased with update on unique energy project in county; Gov. DeWine names former Franklin County judge as next PUCO chairwoman; OTHER U.S. REGIONS: Residential bills would grow 20 percent under Bangor Natural Gas rate hike; US natural gas storage likely posts modest draw as injection season looks to start early; INTERNATIONAL: Qatar tightens global gas market grip with bold expansion moves.