Rockdale

Energy Companies | Industrywide Issues | M&A | Pennsylvania | Potter County | Rockdale | S.T.L. Resources | Tilden Bradford | Tioga County (PA)

STL Resources Buys Tilden PA Marcellus Assets from Bankruptcy Sale
June 29, 2022June 29, 2022

S.T.L. Resources, LLC, an independent oil and gas company with headquarters outside of Pittsburgh, announced yesterday that the company has purchased the remaining assets of Tilden Marcellus for an undisclosed sum. Tilden filed for Chapter 11 bankruptcy protection in February (see Tilden Marcellus Files for Voluntary Chapter 11 Bankruptcy). Although STL doesn’t mention how much it paid, when Tilden filed in February, the company reported its value at the time was “$10 million to $50 million in both assets and liabilities.”
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Energy Companies | Rockdale

Court Approves Rockdale Marcellus Plan to Finish Closing the Doors
April 18, 2022April 18, 2022

Last 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). In January 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 Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt). After the sale to Repsol and payments to key creditors, there’s still a small pot of cash ($17.7 million) leftover. Rockdale’s plan to distribute it and other miscellaneous assets to some of the remaining creditors, and close the doors forever, was approved last week by the bankruptcy court.
Read More “Court Approves Rockdale Marcellus Plan to Finish Closing the Doors”
Energy Companies | Rockdale

Rockdale Marcellus Looks to Liquidate Remaining Assets Under Ch. 11
March 1, 2022March 1, 2022

Last 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). In January 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 Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt). After the sale to Repsol and payments to key creditors, there’s still a small pot of cash ($21 million) leftover. Rockdale has a plan to distribute it to some of the remaining creditors.
Read More “Rockdale Marcellus Looks to Liquidate Remaining Assets Under Ch. 11”
Energy Companies | Pennsylvania | Rockdale | Statewide PA | Tilden Bradford

Tilden Marcellus Files for Voluntary Chapter 11 Bankruptcy
February 8, 2022February 8, 2022

Tilden Marcellus LLC, a Canonsburg, Pa.-based oil and gas company, filed for chapter 11 protection last Friday in the Bankruptcy Court for the Western District of Pennsylvania. Tilden is a “sister company” to Rockdale Marcellus. You may recall Rockdale went through bankruptcy last year, resulting in the sale of substantially all of its assets (in Pennsylvania) to Repsol for $220 million in cash (see Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt). Tilden, while tightly related to Rockdale, has its own assets separate from Rockdale (less than $50 million).
Read More “Tilden Marcellus Files for Voluntary Chapter 11 Bankruptcy”
Bradford County | Energy Companies | Industrywide Issues | Lycoming County | M&A | Pennsylvania | Repsol | Rockdale | Tioga County (PA)

Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt
January 20, 2022January 20, 2022

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”
Bradford County | Energy Companies | Industrywide Issues | Lycoming County | M&A | Pennsylvania | Repsol | Rockdale | Tioga County (PA)

Repsol Buys Rockdale PA Assets Out of Bankruptcy for $222M
January 3, 2022January 3, 2022

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). On Dec. 16 an auction for Rockdale’s assets was held in Dallas, Texas. The highest bidder and winner was Repsol, buying substantially all of Rockdale’s assets for $220 million in cash, plus the assumption of $2 million in debt owed to trade creditors. Last Wednesday, Dec. 29, the U.S. Bankruptcy Court for the Western District of Pennsylvania approved the auction results and sale to Repsol.
Read More “Repsol Buys Rockdale PA Assets Out of Bankruptcy for $222M”
Energy Companies | Energy Services | Industrywide Issues | Litigation | Pennsylvania | Pipelines | Rockdale | Statewide PA | UGI Energy Services

UGI Sues Rockdale Investors Over “Brazen Scheme” to Break Pipe Contract
November 9, 2021April 20, 2022

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). In October Rockdale filed a lawsuit to break its pipeline contract with UGI (see Rockdale Bankruptcy Gets Messier – Sues UGI to Break Pipe Contract). Last Friday UGI fired back, filing its own lawsuit against Rockdale’s investors claiming their attempt to break the pipeline contract with UGI is a “brazen scheme” to acquire all the assets of Rockdale through a bankruptcy sale and either force UGI to grant them millions of dollars in concessions under the gathering agreement or, alternatively, eliminate the gathering agreement altogether so they can build their own pipeline.
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Energy Companies | Energy Services | Industrywide Issues | Litigation | Rockdale | UGI Energy Services

Rockdale Bankruptcy Gets Messier – Sues UGI to Break Pipe Contract
October 20, 2021October 20, 2021

Yesterday we told you about a recent bankruptcy hearing for Pennsylvania shale driller Rockdale Marcellus, a hearing in which UGI Energy Services sought to gain access to details about Rockdale’s assets that are now up for sale (see Rockdale Marcellus Bankruptcy Hearing Erupts with Controversy). The controversy has grown. Rockdale filed a lawsuit to break its legally binding pipeline gathering contract with UGI, a pipeline system UGI spent over $80 million to build.
Read More “Rockdale Bankruptcy Gets Messier – Sues UGI to Break Pipe Contract”
Energy Companies | Energy Services | Industrywide Issues | Litigation | Rockdale | UGI Energy Services

Rockdale Marcellus Bankruptcy Hearing Erupts with Controversy
October 19, 2021October 19, 2021

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). The company, which owns and operates 66 producing wells on 42,897 net acres in three northeast PA counties (regional headquarters in Pittsburgh) plans to auction off all of its assets according to paperwork filed with the court. Yesterday the company attended a scheduled hearing with the judge in the case. The hearing got testy and heated.
Read More “Rockdale Marcellus Bankruptcy Hearing Erupts with Controversy”
Bradford County | Energy Companies | Lycoming County | Pennsylvania | Rockdale | Tioga County (PA)

NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy
September 22, 2021September 22, 2021

A sad exclusive to share with you today. Yesterday northeast Pennsylvania driller Rockdale Marcellus filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania. The company, which owns and operates 66 producing wells on 42,897 net acres in three northeast PA counties (regional headquarters in Pittsburgh) plans to auction off all of its assets according to paperwork filed with the court.
Read More “NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy”
Bradford County | Energy Companies | EOG Resources | Pennsylvania | Rockdale

EOG Resources Sells Marcellus Assets for $130M, Exits Basin
November 16, 2020November 16, 2020

EOG Resources, one of the largest oil and gas drillers in the U.S. (with operations in Trinidad and China too) has just sold *all* of its Marcellus assets located in Bradford County, PA to (we’ll tell you below, MDN has the exclusive on this) for $130 million. EOG has now left the M-U building.
Read More “EOG Resources Sells Marcellus Assets for $130M, Exits Basin”
Crawford County | Energy Companies | Mercer County | Pennsylvania | Pin Oak Energy Partners | Rockdale | Shell | SWEPI | Tioga County (PA) | Venango County

Shell Sells NWPA Assets, Possibly Tioga County Assets Too
April 4, 2019January 30, 2020

MDN recently received a hot tip from a reader that says Shell (i.e. SWEPI) may have recently sold its Tioga County, PA assets in northcentral PA. Yesterday, Pin Oak Energy issued a press release to say they have cut a deal to buy Shell’s northwestern PA assets, some 43,000 acres in the Utica. Which all feeds into the rumor we shared with you last November that Shell is pulling out of PA drilling (see Is Shell Pulling Out of Pennsylvania Marcellus?).

4/9/19: See important update below provided by Shell
Read More “Shell Sells NWPA Assets, Possibly Tioga County Assets Too”