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PennEnergy Offers $3.5K/Ac to Drill Under SWPA Town Park
NOTE: This story and the headline have been updated to correct an earlier error from the source we used. It is not FirstEnergy but PennEnergy that is proposing to drill under the park.
We spotted a second story today about a new lease, in this case proposed lease terms, for land in southwestern Pennsylvania. This time the driller, PennEnergy, wants to drill under (not on) a town park that sits on the border of Allegheny and Beaver counties.
Read More “PennEnergy Offers $3.5K/Ac to Drill Under SWPA Town Park”
Rex Energy, one of our favorite small drillers, has finally found a buyer for its Marcellus/Utica assets. And it’s a good home. After scheduling and rescheduling a bankruptcy auction four times in a single week, Rex canceled the auction and said it has cut a deal with PennEnergy Resources to buy the company–for $600.5 million. You may recall that Rex, heading into bankruptcy in May, owed nearly $1 billion to several creditors (see 
Eclipse Resources, a Marcellus/Utica pure play driller headquartered in State College, PA, announced in March the company is looking for another company to buy, or (more likely) for another company to buy them (see 
Every now and again it’s fun to take a look at a “Top 10” list. Here’s one for you. How about a Top 10 List for drillers in southwestern PA, in Allegheny, Armstrong, Beaver, Butler, Clarion, Fayette, Greene, Indiana, Lawrence, Washington, and Westmoreland counties. This Top 10 list ranks drillers by how many shale well permits they’ve been granted. The list is extracted from a Top 40 list prepared by the (must read) Pittsburgh Business Times. Can you guess which 10 drillers are in the Top 10? How about the Top 1? It may come as no surprise that Range Resources, the very first company to drill a Marcellus Shale well (in 2004), has received the most permits to drill in SWPA. Here’s the full Top 10 list, with some interesting extra details…
Green and Washington counties, south of Pittsburgh (Allegheny County), have long been considered the “core” of Marcellus Shale play in southwestern PA. The wells there get GREAT results–a mix of dry and wet gas (wet gas being natural gas liquids, like ethane, propane and butane). But one company, PennEnergy Resources, says the data shows that the same great Marcellus deposits are located underneath the great City of Pittsburgh itself, and in the towns north of the city (Allegheny County). And PennEnergy can prove it, with their own well results. Does that mean Pittsburgh itself may one day get drilled under?! Don’t hold your breath on drilling under Pittsburgh any time soon. However, according to Greg Muse, chief operating officer for PennEnergy, there’s plenty of gas to be drilled just north of the city–and the deposits are just as good as those south of the city. Muse also said PennEnergy is looking to either take the company public, merge with another company, or sell…
The sharp folks over at the Pittsburgh Business Times have been looking through data from the Pennsylvania Department of Environmental Protection (DEP) and have compiled a list of 20 drillers who have at least a dozen shale wells in the southwest PA region. And they ranked them from lowest to highest. We’ve grabbed the list below. The interesting thing for MDN is that there is one name in the list not familiar to us, and we’ve been watching this space since 2009. Always fun to learn something new. Here’s the list of southwest PA’s “Top 20” Marcellus drillers…