Summit Midstream Cuts $377M Check for 40% of Ohio Gathering
Ohio Gathering is a midstream (pipelines and processing plants) company operating in the southeastern Ohio area–Harrison, Guernsey, Belmont, Noble and Monroe counties. It is a joint venture owned by MarkWest, EMG and until recently, Gulfport Energy. In January MDN told you that Summit Midstream would be buying Gulfport’s 40% ownership interest (see Summit Midstream Closes Deal to Buy 40% Stake in Ohio Gathering). These things take time with lots of lawyers and due dillgence and enough paperwork to re-paper the walls in a dozen homes. The paperwork is done and Summit has cut the check–a $377 million check that will go into the bank account of MarkWest and EMG…
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All’s we can say is “WOW!” Last Friday the Muskingum Watershed Conservancy District (MWCD) signed another (new) lease with Antero Resources to lease more than 6,300 acres in and around Piedmont Lake, in Guernsey, Harrison and Belmont counties in Ohio. The land is in prime Utica Shale territory and Antero must have wanted it bad, because they paid a $15,000 per acre signing bonus. Plus 20% in royalties for anything produced from the land. That is, by far, the largest bonus payment we have ever heard of in the Marcellus and Utica region.
Rice Energy experienced their first well site fatality on Saturday when a Texas man was killed at their Bigfoot 9H drilling site in Belmont County, OH (see