Top 10 Drillers in All of PA, by Number of Permits Issued

Yesterday we brought you the “Top 10” drillers in southwestern Pennsylvania, as ranked by the number of permits issued (see Top 10 Drillers in SWPA, by Number of Permits Issued). Today we’re bringing you the Top 10 list of drillers by number of permits issued for the entire state of PA. As you might imagine, the picture statewide is quite a bit different from looking at only SWPA. Yes, some of the same companies are in both lists–but only three are in both lists (Range Resources, EQT and Rice Energy). Our Top 10 list is extracted from a list prepared by the (must read) Pittsburgh Business Times…
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Texas Jury Says Talisman Cheated JV Partner Out of $100M

We came across an interesting press release from a law firm that won an extraordinary settlement for its client against Talisman Energy–a $100 million award. What’s interesting is that the plaintiff that sued Talisman is one of Talisman’s joint venture partners–not landowners. Matrix Petroleum invested in a deal with Talisman as a “non-operating” partner. That is, Matrix put up money, but Talisman did all the drilling and selling of the oil and gas they extracted. Matrix says over a period of five years that Talisman intentionally cooked the books–failing to accurately report how much oil was produced, thereby shorting Matrix on their share of the profits. The jury agreed and awarded Matrix the money they should have gotten if Talisman had not cooked the books. Ouch. All of this happened in Texas–the drilling and the trial. So what does it have to do with the Marcellus/Utica? Perhaps nothing. But we do recall reporting that last year Talisman took on a non-operating joint venture partner in the Marcellus from Thailand–Banpu (see Talisman Gets a New Thai JV Partner for Marcellus Drilling in NEPA). Perhaps the bean counters at Banpu will want to give closer scrutiny to the books in their jv with Talisman?…
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Talisman Gets a New Thai JV Partner for Marcellus Drilling in NEPA

BanpuThailand’s largest coal miner, Banpu Pcl, has spent $112 million to buy a 29.4% stake in the Chaffee Corners Joint Exploration Agreement (JEA). JEA is a Marcellus shale drilling joint venture 65.4%-owned and operated by Talisman Energy. What it means is that Talisman has a new partner in their northeast PA Marcellus drilling program. Banpu has hired the former CEO of PTT Exploration and Production Pcl, Thailand’s largest oil and gas explorer, as a director and to advise Banpu on JEA and on the company’s new and developing upstream gas strategy. PTT Exploration and Production is a subsidiary of Thailand’s state-owned PTT Public Company Limited. PTT Global Chemical is another subsidiary of PTT Public Company Limited–and the company proposing to build a $5B+ ethane cracker complex in Belmont County, OH (see It’s Official: Belmont County Chosen as POSSIBLE Cracker Plant Site). Conclusion: The government (and companies) of Thailand are investing in American shale energy in a major way. Here’s the news about Banpu becoming a new partner with Talisman in the Marcellus…
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Top 20 Marcellus Drillers – Ranked by Environmental Impact

top 20Last Friday MDN brought you the news about a professor who devised a clever formula for evaluating the overall environmental impact of 20 Marcellus drillers (see Mirror Mirror on the Wall, Who’s the Best Driller of Them All?). At the time we only knew who the top and bottom companies are in the list. CONSOL Energy took top honors, while ExxonMobil was last or “least” environmentally friendly as compared with the others. We now have the entire list (below). Where does your favorite driller fall in the list?…
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PA Landowners Can’t Cancel Lease for Delayed Payments

sign leasePennsylvania landowners Andrew and Sally Dewing signed a 10-year lease for 493 acres of land in Bradford County, PA with Central Appalachian Petroleum in April 2001. The lease was later sold to a consortium including Abarta Oil & Gas Co., Talisman Energy USA and Range Resources. The terms of the lease require rent payments of $5 per acre per year ($2,465) for each year when their property has not be drilled on or under. After not receiving payments on time in 2010, the Dewings served the drillers notice of nonpayment. Eventually the three partners figured out who was supposed to pay and made the payment–but because the payment was late (more than 60 days late), the Dewings claimed the lease was terminated under the original terms of the lease. To make a long story short, Pennsylvania Superior Court ruled last Friday that no, the terms of the lease do not allow the Dewings to get out of the lease because the payment was late…
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Talisman Energy Sale to Repsol Takes 2 Giant Steps Closer

Not that there was really any doubt, but last week the deal for Spanish oil giant Repsol to buy out Canadian shale driller Talisman Energy took a couple of big leaps forward (see Spanish Respol Buys Marcellus E&P Talisman Energy for $8/Share). Talisman has major drilling operations in the Pennsylvania Marcellus Shale. The company was having problems for some time and that invited the vultures, er, corporate raiders to show up (see Carl Icahn’s Claws Go Deeper into Talisman – 2 New Board Members). No doubt under pressure by Ichan’s lieutenants, Talisman had to either sell off key assets, or sell the whole company. They opted to do the later last December. Last week both the shareholders and the Canadian government gave it’s blessing to the sale. Now all that’s left is for the proverbial fat lady to sing…
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Spanish Respol Buys Marcellus E&P Talisman Energy for $8/Share

It’s no longer rumor and innuendo. Looks like corporate raider Carl Icahn has chased Talisman Energy into the arms of Spanish oil giant Repsol. Talisman released a statement this morning to say Repsol is buying the company lock, stock and barrel for $8 per share (U.S., $9.33 per share Canadian). The board of directors for both companies have unanimously approved the deal. Now the PR campaign begins to convince regulators in Canada (and Spain) that it’s a good deal and should be approved. Here’s the official announcement from Talisman…
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Rumor: Resol Close to Official Offer to Buy Talisman Energy

MDN has been following the rumors that Talisman Energy may be sold to Spanish oil giant Repsol (see Rumor Mill: Repsol Once Again Interested in Buying Talisman). The rumors continue–and Talisman’s stock price is inching up, thanks to those rumors. Talisman stock rocketed up 35% on Friday on news that a bid from Repsol is imminent. How much is Repsol offering for the Canadian Talisman, a company with an active Marcellus Shale drilling program?…
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Talisman Considers Sale of Marcellus Midstream Assets to Regency

Three weeks ago Talisman was rumored to be near a deal to sell its New York/Pennsylvania pipeline system to Regency Energy Partners. Talisman owns some 435 miles of gathering and transmission pipelines in NY/PA. However, the deal, which was supposedly imminent and rumored to be worth $1 billion, still hasn’t happened. Why? Could it be the revived talks by Repsol to buy Talisman (see Rumor Mill: Repsol Once Again Interested in Buying Talisman)? We don’t know. One thing we do know is that corporate raider Carl Icahn, who has his claws deeply into Talisman (as he does with Chesapeake Energy), is the puppet master pulling the strings and forcing the company to sell assets. Here’s the sitrep (situation report) as of a few weeks ago, according to sources talking to Bloomberg News…
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Rumor Mill: Repsol Once Again Interested in Buying Talisman

In July MDN told you that Spanish oil company Repsol was seriously looking at buying some of, or even all of, Canadian company Talisman Energy (see Repsol Eyes Talisman Energy for “Assets” – Takeover Target?). Talisman is a major driller in the Marcellus Shale. Then, in the heat of August, came the word that those talks were off (see Talks for Repsol to Buy Some/All of Talisman Energy are “Frozen”). However, the rumor mill is buzzing again. Bloomberg is reporting the talks are back on and once again Repsol is looking at possibly a buyout of Talisman…
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Talisman Energy CEO Looking to Sell Marcellus Midstream Assets

MDN has been following, with interest, the story of Canadian company Talisman Energy–a major exploration & production company in the Marcellus Shale. As we’ve previously reported, corporate raider Carl Icahn has been pressuring the company (like he did with Chesapeake) to make changes. One prospect on the horizon was Spanish energy giant Repsol, interested in purchasing some or all of Talisman. That deal seems to have gone cold (see Talks for Repsol to Buy Some/All of Talisman Energy are “Frozen”). However, recent comments from Talisman CEO Hal Kvisle made yesterday indicate some deal-making is still going on behind the curtain–deal making that concerns the Marcellus Shale…
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Talks for Repsol to Buy Some/All of Talisman Energy are “Frozen”

Frozen - Let it GoOh oh. Corporate raider Carl Icahn won’t be happy about this one. MDN told you a month ago that Spanish energy company Repsol was seriously considering buying some, or all, of Canadian company Talisman Energy (see Repsol Eyes Talisman Energy for “Assets” – Takeover Target?). Talisman has substantial Marcellus Shale drilling operations in Pennsylvania. Last October, just as he had previously done with Chesapeake Energy, corporate raider Carl Icahn increased his ownership of Talisman stock (see Carl Icahn Snaps Up 6% of His Next E&P Victim: Talisman Energy). That means big changes are coming for Talisman–and not necessarily good changes. When Repsol came sniffing around everyone thought a deal would be likely. But according to an article in yesterday’s Wall Street Journal, the talks for Repsol to buy some or all of Talisman have stalled. The word they use is “frozen”…
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Repsol Eyes Talisman Energy for “Assets” – Takeover Target?

Mamas Don't Let Your Babies Grow Up to Be CowboysMDN told you last October that evil corporate raider Carl Icahn had begun to sink his claws into his next shale victim. Like he had done at Chesapeake Energy, Icahn started snapping up stock in Canadian company Talisman Energy (see Carl Icahn Snaps Up 6% of His Next E&P Victim: Talisman Energy). Icahn quickly became the puppet master pulling the strings, forcing the company to begin selling assets (see Icahn Now Throwing His Weight Around at Talisman, Like Chesapeake). You knew what was coming when he scored two seats on the board of the directors just a few months later, in December 2013 (see Carl Icahn’s Claws Go Deeper into Talisman – 2 New Board Members). Indeed, what we feared is now coming true. Talisman is now actively considering a buyout/takover from Spanish oil company Repsol…
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Anti-Drilling Coloring Book – Let the Laughter Begin

Talisman TerryThree years ago Talisman, a driller in the Marcellus Shale (and other shale plays) produced a coloring book for kids. The main character in the book is Talisman Terry. You could hear the gaffaws and laughter from mainstream media, then their righteous indignation that Talisman would “dare” to publish a coloring book that aimed to brainwash little kiddies away from the green religion and bias them toward nasty fossil fuels (see ‘Fracking’ company targets US children with colouring book and Color me fracked: Energy industry produces coloring book to make case for gas drilling to kids). Prior to Talisman Terry was Chesapeake Charlie, same kind of deal. Apparently those coloring books weren’t such a stupid idea after all, because virulent anti-drillers have produced their own coloring book with the aim of brainwashing of kids to keep them in the green religion. Fresh out is the Stream and Shale Coloring Book from so-called scientist J.J. Brown…
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Carl Icahn’s Claws Go Deeper into Talisman – 2 New Board Members

vulture clawsMDN recently told you the sad news that corporate raider Carl Ichan now has his claws in Marcellus driller Talisman Energy, just like he does at Chesapeake Energy (see Icahn Now Throwing His Weight Around at Talisman, Like Chesapeake).

We’re sorry to have to report the Icahn’s claws are now sunk in a lot further. Talisman announced on Monday they’ve caved in to Icahn’s pressure and have appointed two new board members that are Icahn lackeys, there to do their master’s bidding, which will  no doubt include massive layoffs and selling pieces of the company so Icahn can turn a tidy profit on his stock when he flips it…
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Icahn Now Throwing His Weight Around at Talisman, Like Chesapeake

What a shame. Carl Icahn is now the evil puppet master behind the curtain pulling the strings at Talisman Energy the same way he’s done at Chesapeake Energy. MDN recently told you that Icahn–a corporate raider whose sole purpose is to swoop in, dismember parts of a company so its stock price goes up and then cash out his stock at a profit–has his claws in Talisman (see Carl Icahn Snaps Up 6% of His Next E&P Victim: Talisman Energy). His meddling at Chesapeake has led to a loss of 1,200 jobs in that company over the past six months or so.

Now Icahn is at it with Talisman, forcing them to sell off part of their Montney Shale acreage in northeast British Columbia. On the plus side the sale likely means more drilling emphasis on the Marcellus. However, if we worked at Talisman, we’d be looking over our shoulder wondering when the pink slip will arrive. Talisman CEO Hal Kvisle is trying to put on a brave face about being micromanaged by Icahn, but you know he hates it…
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