Carl Icahn Snaps Up 6% of His Next E&P Victim: Talisman Energy
Now that Carl Icahn has a toady in place to prep Chesapeake Energy for sale or greater things (we’re not sure which, see today’s story about the mass(acre) firings at Chesapeake), Icahn is already growing restless again. Apparently the wealth of the entire world would not be enough for Lord Icahn, so he’s out on the prowl–and what has he found? That’s right, another drilling company with operations in the Marcellus Shale: Canadian-based Talisman Energy (with 208,000 net acres leased, a number of wells drilled in the Marcellus).
Unfortunately for Talisman, Icahn now has his claws in the company, buying up nearly 6% of the company–more than enough to throw his weight around. Like a cat playing with a mouse, Icahn used Twitter to send a signal (threat?) to the company: “May have conversations with mgmt re strategic alternatives, board seats, etc.” If we were CEO Hal Kvisle, we would be very worried…
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This is not the kind of story we enjoy sharing with you. Hilcorp, a major driller in the Utica and Marcellus Shale, has decided to take what we consider “the low road” and is using a 1961 Pennsylvania law to sue a landowner to allow them to drill under their property. It’s called “forced pooling,” “compulsory integration,” and a variety of other terms. MDN does not support it. Our argument is simple: My neighbor should not have the right to tell me I can’t drill on and under my land, and I should not have the right to force it on my neighbor if they don’t want it. We believe it’s the only defensible position in the drilling debate.
Cabot Oil & Gas, one of our favorite Marcellus drillers, continues to amaze and astound just about everyone. Last Friday (a week ago) the company issued a new “guidance” or “this is our best, educated guess” as to how much natural gas production the company will end up producing for 2013, and how much they believe it will grow in 2014. Given Cabot is already the number one natural gas producer in PA and the first member of what MDN calls the “billion cubic feet per day” club (see 
As MDN previously reported, an explosion and fire was reported at the Blue Racer Midstream’s Natrium, WV natural gas processing plant early Saturday on Sept. 21 (see 
As MDN has said before and will no doubt say again, we believe Chesapeake Energy will rue the day they fired its founder, Aubrey McClendon. Just a few short months after being tossed out the door by board member and corporate raider Carl Icahn, McClendon founded a new company and was already active in Ohio’s Utica Shale (see