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STL Resources Buys Tilden PA Marcellus Assets from Bankruptcy Sale

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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Tilden Marcellus Files for Voluntary Chapter 11 Bankruptcy

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).
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Weekly Shale Drilling Permits for PA, OH, WV: Apr 19-23

All three M-U states received permits to drill new shale wells last week. Pennsylvania received a 6 new permits, most of them in the southwestern part of the state. Ohio received 4 new permits last week, all of them for Ascent Resources on the same Guernsey County pad. And West Virginia received 6 new permits split between CNX Resources and Northeast Natural Energy, all in one county: Monongalia.
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Weekly Shale Drilling Permits for PA, OH, WV: Jan 18-22

For the second week in a row, two of three M-U drilling states received permits to drill new shale wells. Pennsylvania scored 10 permits to drill new shale wells last week. Ohio received no new permits for Utica wells (second dry week in row). West Virginia received 4 new permits to drill new shale wells last week.
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