BKV Sells Non-Operated PA Marcellus Assets for $132 Million
Over the past seven-plus years, BKV Corporation (Banpu Kalnin Ventures), the American arm of Banpu (96% owned by Banpu, Thailand’s largest coal mining company), has become one of the top 20 gas-weighted natural gas producers in the U.S. BKV originally entered the American shale sector by investing $500 million in 2016-2017 to buy existing Marcellus wells and acreage in northeast Pennsylvania. Then the company went wandering into other shale plays (see Banpu Expands Again – Buys Exxon’s Texas Barnett Assets). In addition to shale drilling, BKV purchased gas-fired power plants in Texas and is now working on a carbon capture project (see Bumpy Financial Road for BKV – Company Bets on Carbon Capture). In April, we told you BKV was shopping its non-operated assets in its Marcellus footprint in six northeastern Pennsylvania counties (see BKV Shopping 214 Nonoperated Shale Wells in 6 NE Pa. Counties). They found a buyer — actually two buyers.
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In December 2022, Rice Acquisition Corp II, a special purpose acquisition company (SPAC) started by the Rice brothers (Danny, Toby, and Derek), announced a deal to acquire NET Power — an electric power developer with revolutionary new technology to capture every last molecule of carbon dioxide from natural gas-fired power plants (see 
We’ve covered the Pennsylvania state budget negotiations and passage in years gone by when PA’s then-Gov. Tom Wolf (far-left Democrat) requested a Marcellus-killing severance tax every year he was in office (eight loooong years). We’ve largely ignored the PA budget this time around under PA’s do-nothing dud of a governor, Josh Shapiro, as his proposed budget didn’t include a severance tax proposal. The budget passed last Thursday (two weeks late). We happened to spot a comment by the Marcellus Shale Coalition offering words of praise for the budget, so that got our attention. What is in this budget the MSC likes?
Refracs, also called re-entries and re-completions, re-enter an existing and declining well to access more rock and pump new life out of it. Refracs are becoming a much more common practice for operators. There are two main types of refracs. While refracs are mainly used in oil wells, there are times when they are used in gas wells. Is a refrac coming to a well near you?
CleanTechnica, a leftist pseudo-science website that caters to mind-numbed robots, is warning its readers that Donald Trump “intends to assemble an army to deconstruct the administrative state & the environment.” Cue screaming. The article details the horrors of a second Trump administration and what it will mean to the environment. Actually, the concern is what it will mean to the parasites who suck public money for scam renewable energy projects. The article is equal parts funny and accurate. It accurately outlines the approach Trump will take to dismantle the administrative state that currently exists and is completely controlled by leftist Democrats. What’s funny is that we agree! The article, while horrifying for leftists, brings us great hope and comfort that we can rescue this country from the disaster it has become under the left.
The U.S. national oil and gas rig count lost ground again last week for the fifth time in six weeks, albeit by a small amount. The national combined Baker Hughes oil and gas rig count lost one rig and now stands at 584 active rigs. The Marcellus/Utica stayed the same last week, for the sixth week in a row, with a combined 36 active rigs. Pennsylvania continued to operate 21 rigs. Ohio remained steady with ten active rigs. And West Virginia kept five active rigs. The M-U’s primary competitor, the Haynesville, held stead with 37 active rigs.
MARCELLUS/UTICA REGION: Supreme Court should protect PA energy from dog-and-pony show; OTHER U.S. REGIONS: Inslee vows to defend Washington State climate law under attack; For now, natural gas is here to stay in Connecticut; Maryland “can’t import itself out of energy crisis”; INTERNATIONAL: Oil demand averages over 103 million barrels per day in July; UK Energy Dept confirms no new leases for offshore drilling.