Snyder Bros Pays $1.2M to Drill Under Allegheny River in W PA
Snyder Brothers, headquartered in PA, used to drill mostly conventional (vertical only) wells in PA. However, these days the company drills horizontal shale wells in the Marcellus in southwestern PA. Just coming to light now is a lease Synder Brothers signed with the PA Dept. of Conservation and Natural Resources (DCNR) in 2019 to pay DCNR $1.2 million to lease land under the Allegheny River in Armstrong County.
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Last July MDN broke the news that LOLA Energy had filed a lawsuit in Greene County, PA against EQT for allegedly drilling shale wells under property EQT formerly leased, but property for which the leases had lapsed and were subsequently scooped up by LOLA Energy II (see 
In mid-November Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), announced they are laying off 13% of their workforce, ending (for now) their stock share buy-back program, and “refreshing” the board with three new members (see 
In early November, Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), which concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays, announced they were shopping some non-operated Ohio Utica assets (see 
In February, the parent holding company for Marcellus driller Arsenal Resources, Arsenal Energy Holdings LLC, applied for what has to be the fastest “prepackaged bankruptcy” we’ve ever heard of, sailing through the whole process in 10 days flat (see 
In a bombshell announcement last week Chevron said it is writing down (reducing the paper value) of all its shale assets by $10-$11 billion in the fourth quarter. “More than half” of the write-down is for its Marcellus/Utica assets (see 
For months MDN has brought you bits and pieces of news from individual drillers, detailing plans to cut back on spending for new drilling in the Marcellus/Utica in 2020. It’s not just happening in the M-U–it’s happening across the country. The experts at RBN Energy have a terrific new post that pulls information about major drillers scaling back into one place. They analyze spending by three different groups of drillers: oil-focused, diversified, and gas-focused drillers. In the third category, all but one of the gas-focused drillers have major operations in the M-U. The stats are sobering. As a collective group, M-U gas drillers have pledged to cut their 2020 budgets 25% from the already-lower spending that happened this year. Ouch.
West Virginia’s co-tenancy law was signed into law by Gov. Jim Justice in March 2018 (see 
Last week Chesapeake Energy received a notification from the New York Stock Exchange that its shares of stock have fallen below the $1/share threshold for more than 30 consecutive trading days and because of it, Chessy’s stock will be delisted from the exchange. Unless. Unless they can get the per share price over the $1/share average in a certain period of time. Chesapeake has responded they are taking several actions, the most relevant/likely being a reverse stock split.
A leftist anti-fossil group calling itself Protect PT, in Penn Township (Westmoreland County), PA, backed with money from Big Green groups, continues to sue in an effort to block shale drilling in the township. And they keep losing their lawsuits. In November the group lost an appeal of a lower court ruling which challenges a Penn Township ordinance allowing Apex Energy and Huntley & Huntley (now Olympus Energy) to drill and operate wells (see 
On Wednesday MDN told you Chevron is hinting they will sell off all of their Marcellus/Utica assets (see