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22 New Shale Well Permits Issued for PA-OH-WV Jan 27 – Feb 2

For the week of Jan 27 – Feb 2, the number of permits issued in the Marcellus/Utica to drill new shale wells recovered from the previous week. Two weeks ago, only 7 new permits were issued. Last week, the number increased to 22 new permits issued. Whereas the Keystone State (PA) issued no new permits two weeks ago, PA issued 13 new permits last week. Six of those permits went to Apex Energy in Westmoreland County. Five permits were issued to EQT (Rice Drilling) in Greene and Lycoming counties. And two permits went to Expand Energy (Chesapeake) in Bradford County. Read More “22 New Shale Well Permits Issued for PA-OH-WV Jan 27 – Feb 2”

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CNX Drilled Just 1 New Well in 4Q24, Plans to Add 34 Wells in 2025

Yesterday, CNX Resources issued its fourth quarter and full-year 2024 update. The company lost $145 million for the quarter, compared with a profit of $514 million in 4Q23. Production was 141.9 Bcfe (billion cubic feet equivalent) in 4Q24 — which works out to 1.54 Bcfe/d — down from 146.9 Bcfe last year (a drop of 3.4%). Drilling all but stopped during 3Q, and that trend continued in 4Q. The company drilled just one new Utica well in central PA. However, CNX fracked nine wells and brought six wells online to sales in southwestern PA. Read More “CNX Drilled Just 1 New Well in 4Q24, Plans to Add 34 Wells in 2025”

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2 of Top 5 Upstream M&A Deals in 4Q Were in the Marcellus/Utica

Enverus Intelligence Research (EIR), a subsidiary of Enverus, issued a summary of the fourth quarter and full-year 2024 upstream M&A (mergers and acquisitions) activity yesterday. Two of the top five M&A deals include deals in the Marcellus/Utica. Coming in at #3 on the list was EQT’s sale of non-operated assets to Equinor for $1.25 billion in October (see EQT Sells Remaining Nonop Assets in NE Pa. for $1.25 Billion). Coming in at #5 on the list was CNX Resources’ purchase of Apex Energy for $505 million in December (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Read More “2 of Top 5 Upstream M&A Deals in 4Q Were in the Marcellus/Utica”

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CNX Closes Deal to Buy Apex Energy for $505M, Adds SWPA Assets

In December, CNX Resources announced it had struck a deal to buy the assets of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for $505 million (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Apex owns wells, acreage, and pipelines in Westmoreland County, PA. The Apex assets are close to, in some cases adjacent to, CNX’s considerable assets in the region. As of yesterday, the deal is complete. Apex Energy II is no more. Read More “CNX Closes Deal to Buy Apex Energy for $505M, Adds SWPA Assets”

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41 New Shale Well Permits Issued for PA-OH-WV Jan 13 – 19

Wow! Is this the Trump effect? For the week of Jan 13 – 19, permits issued in the Marcellus/Utica to drill new shale wells achieved levels we haven’t seen in, oh, about four years. There were 41 new permits issued last week, up significantly from 27 issued the week before and 30 issued two weeks before. The Keystone State (PA) issued a whopping 25 new permits, with 17 (!) going to EQT spread across Greene and Washington counties. Another six permits went to Chesapeake Energy (now Expand Energy) in Bradford County. One permit each went to Range Resources and Apex Energy in Beaver and Westmoreland counties, respectively. Read More “41 New Shale Well Permits Issued for PA-OH-WV Jan 13 – 19”

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CNX Issuing New Notes for $200M to Help Fund Purchase of Apex

CNX Resources announced in December that it had struck a deal to buy the assets of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for $505 million (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Apex owns wells, acreage, and pipelines in Westmoreland County, PA. Its assets are close to (in some cases adjacent to) CNX’s considerable regional holdings. The deal is expected to close in the first quarter of 2025. However, CNX needs more money to help fund it. Read More “CNX Issuing New Notes for $200M to Help Fund Purchase of Apex”

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Anti-Shale Group Continues to Try and Block Apex Wells in SWPA

A leftist anti-fossil group calling itself Protect PT (Penn-Trafford), located in Westmoreland County, PA, backed with big money from Big Green groups, has for years challenged Penn Township ordinances that allow Apex Energy and Huntley & Huntley (now Olympus Energy) to drill and operate shale wells. Protect PT finally struck out (legally) at the Pennsylvania Supreme Court in May 2020 (see Penn Twp Frack Ban Case Strikes Out at PA Supreme Court). However, Protect PT soldiered on (with Big Green $$), even after its crushing Supreme Court defeat. Apex Energy proposed drilling two wells (the Drakulic Well project) on a pad in a rural part of Trafford, PA, a boro straddling Allegheny and Westmoreland counties. Protect PT challenged the original permits and a time extension of the permits (see PA EHB Allows “Narrow” Appeal of 2 Apex Energy Well Permits). We are nearly a year later, and the case still plays out. A hearing is set for Jan. 15 to examine whether the Pennsylvania Department of Environmental Protection (DEP) lawfully issued drilling permits to Apex Energy. Read More “Anti-Shale Group Continues to Try and Block Apex Wells in SWPA”

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CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets

CNX Resources announced yesterday it had struck a deal to buy the assets of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for $505 million. Apex owns wells, acreage, and pipelines in Westmoreland County, PA. The Apex assets are close to, in some cases adjacent to, CNX’s considerable assets in the region. The deal is expected to close in the first quarter of 2025. Read More “CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets”

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28 New Shale Well Permits Issued for PA-OH-WV Nov 18 – 24

For the week of Nov 18 – 24, permits issued in the Marcellus/Utica continued to be strong, with 28 new permits issued, down just two from the 30 issued the prior week. The Keystone State (PA) issued 11 new permits, with five going to CNX Resources, all in Allegheny County. Two permits were issued to Southwestern Energy (now Expand Energy) in Lycoming County. The remaining four were single permits issued to EQT Corporation (Greene County), Infinity Natural Resources (Indiana County), Range Resources (Washington County), and Apex Energy (Westmoreland County). Read More “28 New Shale Well Permits Issued for PA-OH-WV Nov 18 – 24”

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Murrysville Rejects Antis’ Petition to Cancel Leases Under Parks

Last December, Murrysville (PA) Council members voted to lease land for shale drilling under two town parks—Duff Park and Murrysville Community Park (see Murrysville, PA to Vote in Dec. on Plan to Drill Under Two Parks). Murrysville is located in Westmoreland County, in the southwestern part of the state. Olympus Energy pitched proposals to lease under both parks, using their adjacent leased acreage (on private land) to set up rigs to drill under the parks, which the council approved. The council also approved a lease last year with Apex Energy to drill and frack under Kovalczik Park. Last week, so-called environmental group Protect PT presented a petition to the council asking them to rescind the leases for drilling under the three parks. Read More “Murrysville Rejects Antis’ Petition to Cancel Leases Under Parks”

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Apex Energy Clipped by PA DEP for Not Disclosing Frack Chemicals

According to Pennsylvania regulation 25 Pa. Code § 78a.122(b)(6)(iv), a drilling company must provide a list of the chemicals intentionally added to the stimulation [fracking] fluid by name and chemical abstract service (CAS) number in a Completion Report. The PA Department of Environmental Protection (DEP) says Apex Energy failed to provide that information on its reports for 37 shale wells in Westmoreland County drilled between March 20, 2018, and February 17, 2024. The DEP issued a NOV (Notice of Violation) to Apex on Sept. 9. Read More “Apex Energy Clipped by PA DEP for Not Disclosing Frack Chemicals”

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PA Town Rejects Accepting Apex Offer of $1,500/Ac + 16% Royalty

In June, MDN told you about a very small lease deal on offer for North Huntingdon Township in Westmoreland County, PA (see Apex Energy Offers $1,500/Ac + 16% Royalty in Westmoreland Co.). Apex Energy wants to lease 4.5 acres of town land for a total signing bonus of $6,760 ($1,500/acre). The deal on the table from Apex was “only good” through June 30. Sign now before this offer expires! Town commissioners were not impressed with the high-pressure sales tactic and voted to table a decision on the offer until after June 30 (see PA Town Delays Accepting Apex Offer of $1,500/Ac + 16% Royalty). After hearing from constituents and discussing the offer, last week the commissioners voted 5-2 to reject the Apex offer.
Read More “PA Town Rejects Accepting Apex Offer of $1,500/Ac + 16% Royalty”

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15 New Shale Well Permits Issued for PA-OH-WV Jun 24 – 30

We’re playing catch-up following our brief Wednesday through Friday vacation last week. The first order of business is to bring you the list of permits issued for the week of June 24 – 30. A total of 15 new permits were issued, with most (10) issued in Pennsylvania. Ohio issued four new permits, and West Virginia issued one new permit. Both Seneca Resources and Apex Energy tied for most new permits (three each), with Seneca’s permits issued in Tioga County, PA, and Apex’s permits issued in Westmoreland County, PA.
Read More “15 New Shale Well Permits Issued for PA-OH-WV Jun 24 – 30”

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PA Town Delays Accepting Apex Offer of $1,500/Ac + 16% Royalty

Yesterday, MDN told you about a very small lease deal on offer for North Huntingdon Township in Westmoreland County, PA (see Apex Energy Offers $1,500/Ac + 16% Royalty in Westmoreland Co.). Apex Energy wants to lease 4.5 acres of town land for a signing bonus of $6,760. The deal on the table from Apex is “only good” through June 30. Sign now before this offer expires! Town commissioners were not impressed with the high-pressure sales tactic and voted to table a decision on the offer until after June 30.
Read More “PA Town Delays Accepting Apex Offer of $1,500/Ac + 16% Royalty”

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Apex Energy Offers $1,500/Ac + 16% Royalty in Westmoreland Co.

We’re always interested in lease signing bonuses and royalty rates. We don’t see as many references today as we did five and ten years ago. Typically, we learn about lease rates when municipal-owned land is leased, as is the case for a small parcel in North Huntingdon, PA (Westmoreland County). Apex Energy is offering North Huntingdon $1,500 per acre in a signing bonus to lease 4.5 acres of town land for a grand total of $6,760. It ain’t much, but it’s better than a sharp stick in the eye, right?
Read More “Apex Energy Offers $1,500/Ac + 16% Royalty in Westmoreland Co.”

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20 New Shale Well Permits Issued for PA-OH-WV Jan 29 – Feb 4

There were 20 new permits issued to drill in the Marcellus/Utica during the week of Jan. 29 – Feb. 4, versus 27 permits issued during the prior week. Pennsylvania issued 12 new permits last week. Ohio issued 6 new permits. West Virginia issued 2 new permits last week. We had a tie for the company receiving the most permits. Seneca Resources received 4 permits to drill in Tioga County, PA, and Ascent Resources received 4 permits to drill in Harrison County, OH.
Read More “20 New Shale Well Permits Issued for PA-OH-WV Jan 29 – Feb 4”