Energy Companies | Industrywide Issues | M&A | Statewide WV | Tribune Resources | Vickery Energy Partners | West Virginia
Former Tug Hill Execs Buy Private WV Driller Tribune Resources
Vickery Energy Partners, LLC, a portfolio company of the private equity firm Quantum Capital Group, announced yesterday that it has closed on the acquisition of Tribune Resources. The transaction includes assets located primarily in Wetzel, Tyler, Harrison, and Doddridge counties, West Virginia, totaling approximately 38,000 net acres and more than 200 million cubic feet equivalent per day (MMcfe/d) of net production. Read More “Former Tug Hill Execs Buy Private WV Driller Tribune Resources”
Two weeks ago, during the week of April 8 -14, 17 new permits were issued to drill in the Marcellus/Utica (see 17 New Shale Well Permits Issued for PA-OH-WV Apr 8 – 14). Last week, for the week of April 15 – 21, 16 new permits were issued. However, the composition of where the permits were issued changed significantly from the typical pattern. Only two of the permits were issued in Pennsylvania last week, both for EQT (one in Fayette County, the other in Greene County). Ohio received six new permits divided evenly, with three going to INR and the other three to EOG Resources. INR’s permits were all issued in Guernsey County and EOG’s in Harrison County. West Virginia, which typically receives the fewest new permits, took the lion’s share with eight new permits. Jaybee Oil & Gas received three permits in Tyler County. Southwestern Energy also received three permits but in Wetzel County. Tribune Resources received one new permit (Tyler County), and EQT received one permit (Marion County).
Holy smokes! What just happened? For months (and months and months) the cumulative number of weekly permits issued to drill new shale wells in the Marcellus/Utica has fluctuated from the low teens to perhaps 30 total on the upper end. Last week, from Jan. 17-23, an amazing 61 permits were issued to drill new shale wells. Double the usual. Wow! Pennsylvania issued 24 new permits, Ohio issued 9, and blow-the-doors-off-we’ve-never-seen-so-many-permits-issued-in-one-week for West Virginia, the Mountain State issued 28 new shale permits.