Gulfport’s Largest Investor Not Happy with Board or Management

Another situation is brewing with Gulfport Energy not unlike the situation at EQT. One of (we’re pretty sure THE) largest shareholders in Gulfport, investment firm Firefly Value Partners, is not happy with either the board of directors or current management, saying very publicly (via a letter, below) that the current board lacks “necessary skills and experience” to turn the company’s poorly performing stock around. Ba boom!
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Ambridge Water Authority Changes Tune re Shell Ethane Pipeline

Shell has calmed the troubled Ambridge waters–that is, the Ambridge Water Authority waters. Shell hit a snag with plans to build its Falcon Ethane Pipeline when the Ambridge Water Authority claimed construction of the pipeline under several streams feeding the Ambridge reservoir would endanger the drinking water for 30,000 people (see Ambridge Water Authority Strongly Opposes Shell Ethane Pipe Route).
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Was PA Supreme Court Right to Tax Strippers? PIOGA Pushes Back

Did the Pennsylvania Supreme Court err in its judgment declaring so-called “stripper wells” can be taxed under the 2012 Act 13 law, slapped with an impact fee assessment, if those wells produce more than 90,000 thousand cubic feet per day (Mcf/d) of gas in a single month (see PA Supreme Court Rules Strippers Not Exempt from Impact Fee)? We have a different take on the high court’s decision than others.
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Antero “Nuisance” Lawsuit Heard by WV Supreme Court Temp Judges

Three years ago lawsuits filed by some 200 West Virginia residents against Antero Resources were combined into a class action lawsuit (see More People Pile on Antero, Seek to Join Mass “Nuisance” Lawsuit). The lawsuits are called “nuisance” lawsuits because, according to the plantiffs, Antero is a nuisance to them–truck traffic, noise, lights at night, etc.
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Big Crowd Turns Out to Support/Oppose Drilling Under SWPA Park

The mystery is now solved. Last week we incorrectly (based on a Pittsburgh Tribune-Review article) reported that FirstEnergy wants to drill a well under (not on) Linbrook Park, located in the Borough of Franklin Park in Allegheny County (see original story here). It’s not FirstEnergy but PennEnergy that wants to do the drilling.
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WSJ Says EQT is “Failing”, DE Shaw Says EQT Mgmt “Not Up to Task”

More drama in the ongoing soap opera of EQT and the Rice brothers’ attempt to take it over. The latest items of interest: The Wall Street Journal ran an article in today’s online edition with a headline that says EQT is “failing.” And one of EQT’s biggest investors, D.E. Shaw, is telling the board that current top management “doesn’t have what it takes” to get the company financially performing again. Ouch.
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PA Leases Youghiogheny River Land in SWPA to Chevron $4K/Ac

Youghiogheny River (credit: Wikipedia)

The Pennsylvania Dept. of Conservation and Natural Resources (DCNR), every now and again, will lease state-owned land for gas drilling. The DCNR has just leased land under the Youghiogheny River in Allegheny and Westmoreland counties. We have the full lease, and lease terms, below…
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PennEnergy Offers $3.5K/Ac to Drill Under SWPA Town Park

NOTE: This story and the headline have been updated to correct an earlier error from the source we used. It is not FirstEnergy but PennEnergy that is proposing to drill under the park.

We spotted a second story today about a new lease, in this case proposed lease terms, for land in southwestern Pennsylvania. This time the driller, PennEnergy, wants to drill under (not on) a town park that sits on the border of Allegheny and Beaver counties.
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