Former EV Energy Partners Sells Appalachian Assets for $20.5M
In June 2018, EV Energy Partners (EVEP), the drilling subsidiary of EnerVest, emerged from bankruptcy court a mere two months after entering with $355 million of debt erased and sporting a new name: Harvest Oil & Gas Corp. (see EV Energy Partners Emerges from Bankruptcy with New Name). Harvest’s drilling and assets are focused in Ohio, Pennsylvania, and West Virginia where they own/operate 9,787 conventional wells on 916,832 gross leased acres. The company announced yesterday it’s selling off its Appalachian assets for $20.5 million (and no, that’s not a typo).
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A small Marcellus-focused drilling company based in western Pennsylvania is once again looking for investors. MDS Energy was established in 2005 by Michael D. Snyder. By 2006 the company offered its first investment partnership. Drilling companies today are as much about investments and finance as they are about sinking holes in the ground. MDS quickly grew and in 2007 founded a sister company to concentrate on oilfield services (drilling, construction, etc.) called First Class Energy. First Class has gone on to drill over 1,000 wells, mostly for MDS competitors since MDS itself has not drilled all that many wells–as of the end of 2017 (going by our Marcellus & Utica Shale Upstream Almanac) MDS had eight permits and had drilled four wells–all in Armstrong County, PA.
Last November MDN told you that Northeast Natural Energy, a small-to-midsized driller headquartered in Morgantown, WV, had lost an arbitration battle and owed a group of landowners in central Pennsylvania $7.9 million in payments for NOT drilling on their land (see 
On Sunday, June 28, Chesapeake Energy, with major operations in the northeast Pennsylvania Marcellus, filed for bankruptcy (see 
On Sunday a week ago (June 28) Chesapeake Energy filed for bankruptcy (see 
On Sunday Chesapeake Energy filed for bankruptcy (see 
We’ve told you for months to expect it. Yesterday (on Sunday) Chesapeake Energy finally filed for Chapter 11 bankruptcy after lining up a $925 million loan to keep the doors open, the lights on, and the drill bits chewing away. Pipeline companies (and other vendors) that have contracts with the company should be concerned. The opening paragraph of Chessy’s press release says, “Chesapeake intends to use the proceedings to strengthen its balance sheet and restructure its legacy contractual obligations to achieve a more sustainable capital structure.” That means they’re looking to break existing contracts, using the bankruptcy filing as an excuse.
EQT Corporation, the largest natural gas-producing company in the U.S., is also a very generous company. Through its EQT Foundation charitable giving arm, EQT recently distributed $500,000 in grants to nonprofit organizations and programs in southwestern Pennsylvania, eastern Ohio, and northern West Virginia–regions where the company operates. In addition, EQT has given out more than $500,000 in scholarships to high school seniors looking for a career in the oil and gas industry, and another $360,000 in COVID-19-related relief grants to community foundations and food banks.
We feel as though we keep talking to an empty room. That nobody is hearing, or if people are hearing, they don’t believe what we say when we tell you that Joe Biden and the people surrounding him are promising the total destruction of the fossil fuel industry in the U.S.A.–if he gets elected. All you have to do is listen to what he says! We’re not exaggerating nor overstating the case. If you work for the oil and gas industry, if you sell to the industry, if you care about freedom, you simply cannot vote for Joe Biden for President. To do so is to vote for the destruction of our country as we know it. The stakes are that high! Biden is signaling loud and clear his intent to block all new pipeline and LNG projects if he gets elected.
Shell slowly but surely continues to ramp back up the work being done at its mighty ethane cracker construction site in Beaver County, PA following a shutdown of activity due to the coronavirus pandemic. When the COVID-19 coronavirus hit in March, Shell stopped all work on the cracker plant, sending nearly 8,000 workers home in mid-March for what was thought to be “a few days to a few weeks” (see 
We should have guessed this was coming. A New York City law firm has launched what it hopes will turn into a class action lawsuit against Cabot Oil & Gas for securities fraud following the sleazy attempt by Pennsylvania Attorney General Josh Shapiro to turn a 12-year-old accident (methane migration) into a felony (see 
The Washington & Jefferson College Center for Energy Policy and Management (Washington, PA) is hosting a free webinar series on “
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