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Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt
In September MDN broke the news that Rockdale Marcellus had filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania (see NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy). Earlier this month we told you that Repsol had won an auction to buy the assets for $220 million in cash, plus the assumption of $2 million in debt owed to trade creditors (see Repsol Buys Rockdale PA Assets Out of Bankruptcy for $222M). The deal was sealed yesterday. Repsol now owns Rockdale’s 66 producing wells on 42,897 net acres in three northeast PA counties producing ~110 Mmcf/d (million cubic feet per day).
Read More “Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt”
In September MDN broke the news that Rockdale Marcellus had filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania (see 
There was a healthy number of new permits issued in all three actively drilling Marcellus/Utica states last week. In Pennsylvania, 14 new shale well permits were issued across the state. In Ohio, five new shale permits were issued, four of them to a single driller (Ascent Resources) in a single county (Jefferson). West Virginia came roaring back after getting skunked with no permits two weeks ago. WV issued 10 new shale permits last week with five going to a single well pad in Monongalia County.
Yesterday MDN editor Jim Willis attended the 12th Annual Platts Global Energy Outlook Forum in New York City. Christmastime is a great time to visit NYC. The conference opened with a talk given by Paul Ferneyhough, Repsol’s executive director for North America. The big news from Ferneyhough’s talk and subsequent remarks later in the day is that Repsol plans to ramp up production on their Marcellus acreage located in northeastern Pennsylvania by another 50% by 2020. Ferneyhough said the company, just last week, added a second drilling rig in the Marcellus. That one extra rig will allow them to quickly ramp up production. Several other news outlets, including Reuters, published news of the 50% increase. What they don’t tell you is how Repsol will manage to get that increased production to market, and what they can’t tell you is the added information Ferneyhough told Jim in a private conversation following his presentation.
Yesterday we brought you the “Top 10” drillers in southwestern Pennsylvania, as ranked by the number of permits issued (see