A lawsuit against Pennsylvania driller EdgeMarc Energy that began in 2018 is finally settled. In Sept. 2018 MDN told you about a single former employee of EdgeMarc launching what turned into a class action lawsuit against the company alleging some employees were misclassified as independent contractors and denied overtime pay (see EdgeMarc Energy Sued for Failing to Pay Overtime – Class Action). Continue reading
EdgeMarc Energy, headquartered in Canonsburg, PA (once with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May 2019, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). It was touch and go for while as to whether EdgeMarc would be required to file for Chapter 7 (total liquidation) or Chapter 11 (live to fight another day). Yesterday the bankruptcy judge signed off on a final Chapter 11 plan. Continue reading
EdgeMarc Energy, headquartered in Canonsburg, PA (with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). The reason? They can’t move their production to market because their main pipeline partner, Energy Transfer’s Revolution Pipeline, exploded in September 2018 and ET has not been able to get the PA Dept. of Environmental Protection to allow them to fix and restart it. Continue reading
In August MDN told you that Diversified Gas & Oil was the high (and only) bidder for Ohio Utica assets owned by EdgeMarc Energy, buying those assets out of bankruptcy court (see Bankrupt EdgeMarc Sells Ohio Utica Assets to Diversified for $50M). In a recent interview EdgeMarc CEO Rusty Hutson said the company may (underscore may) look to monetize, or sell, some of those undeveloped assets recently purchased.
UPDATE: Please note that this article was modified from a previous version. A representative alerted us that our original take, in which we said Diversified was “flipping” the EdgeMarc assets, was incorrect and misleading. We do sincerely regret that error. Continue reading
EdgeMarc Energy, headquartered in Canonsburg, PA (with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). Diversified Gas & Oil placed a bid on EdgeMarc’s Ohio Utica assets, offering $50 million. Nobody else bid, so the bankruptcy court has just approved the sale to Diversified. How many Utica wells and how much acreage? We tell you below. Continue reading
EdgeMarc Energy, headquartered in Canonsburg, PA (with 45,000 acres of Marcellus/Utica leases), is filing for Chapter 11 bankruptcy, looking to sell all of the company’s assets. The reason? They can’t move their production to market because their main pipeline partner, Energy Transfer’s Revolution Pipeline, exploded last September and ET has not been able to get the PA Dept. of Environmental Protection to allow them to restart it. Continue reading
Last Wednesday a single person employed by EdgeMarc Energy in Ohio filed a lawsuit against the company in federal court claiming he was “misclassified” as an independent contractor when in reality he was functioning as a full-blown employee. Why does it make a difference? Because independent contractors (1099s) are paid a straight, per-hour rate no matter how many hours they work, whereas employees must, under federal (and state) law, be paid overtime for any hours worked over 40. The worker alleges the company intentionally uses independent contractor status to wiggle out of paying overtime, and that he’s not the only one. Normally one disgruntled employee suing an employer is not newsworthy–but in this case the law firm is attempting to get the lawsuit certified as a class action, potentially covering hundreds of workers. And that IS a big deal… Continue reading
MDN spotted an announcement issue by the Pennsylvania Dept. of Environmental Protection (DEP) stating they’ve assessed a $185,000 fine on the Constellation Pipeline and its builder EM Energy (i.e. EdgeMarc) for a series of violations when building the pipeline in 2014-2015. That sent us digging. We don’t recall a Constellation Pipeline (and we’ve been writing MDN since 2009). What is the pipeline? Where, in PA, is it located? What is its purpose? We think we found most of the answers… Continue reading
Last week the Canton Regional Chamber of Commerce and ShaleDirectories.com co-hosted the Utica Upstream conference at the Pro Football Hall of Fame in Canton, OH. MDN previously gathered up reported comments from the person who seemed to steal the show, Maria Cortez of energy research firm/consultant Wood Mackenzie (see Utica Event: OH Landowners Will Lose $6.5B in 5 Yrs, NEXUS Nixed). She predicted the NEXUS pipeline will not get built. However, there were a number of other interesting speakers at the event. One of them was Callum Streeter, Chief Operating Officer at EdgeMarc Energy Holdings (driller based in Canonsburg, PA). EdgeMarc drills in both PA and in OH. Streeter gave a good overview of his company. EdgeMarc’s leased acreage is split just about 50/50 between Marcellus and Utica… Continue reading
EdgeMarc Energy is a small driller headquartered in the Pittsburgh area, formed in 2012. The company has leased 50,000 acres in the Marcellus and Utica Shales. On Monday EdgeMarc issued a press release to announce they’ve attracted a new investor–the Ontario Teachers’ Pension Plan–which has promised the company up to $300 million in cash in return for part ownership (called an “equity commitment”). The announcement also says EdgeMarc currently drills and produces natural gas in Monroe and Washington counties in Ohio, and Butler County in Pennsylvania. In checking the latest issue of our 2015 Marcellus and Utica Shale Databook series, Volume 2, we find that EM Energy (which we assume is EdgeMarc) received permits to drill or continue work on 11 different wells in Butler County from May through August 2015 (see our Databook chart below). Including an existing equity commitment from Goldman Sachs, EdgeMarc, a private company, has now sold off $750 million worth of the company to outside investors… Continue reading
We’re always on the lookout for signals–little things that we notice that may indicate where drilling will increase or decrease. We think we’ve found another one. EdgeMarc Energy is a small driller headquartered in the Pittsburgh area, formed in 2012. The company, according to their website, now has 50,000 acres leased in the Marcellus and Utica Shales. In checking our Marcellus and Utica Shale Databook series, we’ve not found a single permit issued to EdgeMarc, ever, but we have found a reference on MDN to a joint venture with Magnum Hunter Resources (see Magnum Hunter JV Deal with EdgeMarc to Drill 1,080 Acres in OH). EdgeMarc’s jv with MHR is interesting because the 1,080 acres targeted for jv drilling are in Washington County, Ohio, a county that has seen some, but not a lot, of Utica Shale drilling in the past (an average of 1 permit a month). Here’s the signal we’ve found that perhaps EdgeMarc, or jv partner Magnum Hunter, is about to ramp up more drilling in Washington County, Ohio… Continue reading
When you have a good thing going, like MarkWest Energy does with its Keystone processing complex in Butler County, PA, you keep growing it. And that’s just what MarkWest is doing. The company announced today they have a couple of new customers for the complex–Rex Energy and EdgeMarc Energy. The new customers will each get their own 200 million cubic feet per day (Mmcf/d) processing plants in the Bluestone facility–part of the Keystone complex that includes Bluestone and Sarsen facilities. In addition, MarkWest is also adding an additional 40,000 barrels per day (Bbl/d) of de-ethanization capacity and over 20,000 Bbl/d of additional propane and heavier NGL fractionation capacity. It means more capacity, more production, more money for landowners, and more major money will be invested in Butler County… Continue reading
This morning Magnum Hunter Resources announced a new, small joint venture with EdgeMarc (EM Energy Ohio) to drill on and under 1,080 acres of Marcellus/Utica property in Washington County, OH. This is the third such smallish jv between Magnum Hunter and other companies to drill in either the Marcellus or Utica Shale… Continue reading
Conventional wisdom says that in Pennsylvania, West Virginia and Ohio most (or all!) of the land available to lease for Marcellus and Utica Shale drilling is already leased. If you’re an energy company that wants a piece of the Marcellus action, you’ll have to buy acreage from a competitor.
According to newly formed energy company EdgeMarc Energy, that bit of conventional wisdom is wrong: