Law Firm for Ascent Resources Bd. Accused of Conflict of Interest
The bidding war for Ascent Resources continues and gets more complex. Law firm Kirkland & Ellis has been drawn into a dispute between Ascent Resources investors and the private equity firm Energy & Minerals Group (EMG). Mason Capital Management is questioning Kirkland & Ellis’s role representing the Ascent board while also advising EMG in its legal fight with the Abu Dhabi Investment Council. The dispute concerns EMG’s plan to put Ascent into a “continuation vehicle,” which Mason Capital and other investors have opposed. Other companies have since jumped in to make bids to take over Ascent. Read More “Law Firm for Ascent Resources Bd. Accused of Conflict of Interest”
Yesterday, the Ohio Oil & Gas Land Management Commission (OGLMC) met in a public forum in Columbus and voted to open another 6,570 acres of state-owned wildlife land (in Belmont and Harrison counties) to allow bids to frack under (not on top of) those areas. The Commission also awarded a contract to Grenadier Energy to drill under another wildlife area in Carroll County, 172 acres of the Leesville Wildlife Area. The state is getting an amazing $6,000 signing bonus, equaling $1.03 million, plus big royalties! 
The Marcellus/Utica rig count gained 1 rig five weeks ago in the Ohio Utica, bringing the total to 39 rigs. For the past five reports in a row, the M-U has maintained that count—the most rigs it has operated in more than a year. Pennsylvania has held at 18 active rigs for eight consecutive weeks. Ohio has operated 14 rigs for five straight weeks (its highest in over a year). And West Virginia maintained 7 rigs, which it has operated since May 30, 2025. There were 24 rigs targeting the Marcellus and 15 targeting the Utica. The national count lost 2 rigs last week, bringing the total to 544 active rigs. 
Last year, Houston-based EOG Resources acquired Encino Acquisition Partners for $5.6 billion, establishing the Utica Shale as a “third foundational play” alongside its Permian and Eagle Ford assets (see 
An interesting case in Ohio deals with whether or not natural gas can be taxed, depending on how it’s used. The Ohio Board of Tax Appeals ruled on Tuesday, January 6, that MGQ Terminal, Inc. is exempt from use tax on natural gas purchases used to process asphalt to customer specifications. Although Tax Commissioner Patricia Harris had assessed use tax for the period between 2013 and 2016 based on the determination that the company was engaged in a storage business, the board reversed this decision, finding that the company’s activities qualify as tax-exempt “manufacturing operations.” The board held that MGQ’s use of natural gas to heat, agitate, and blend refinery waste into homogeneous, specification-compliant products constitutes a transformative manufacturing process rather than mere storage. 
Ascent Resources announced yesterday that its CEO, Jeffrey A. Fisher, who is both Chairman of the Board and Chief Executive Officer, will retire from his executive roles effective January 31, 2026. Following his retirement, he will serve as Special Advisor to executive management and the Board through December 31, 2026. The board has appointed Brooks M. Shughart, currently President & CFO, to succeed Fisher as CEO on January 31. While the official announcement does not refer to it, the company is currently in the middle of a bidding war to take it over. 
The combined number of new permits issued to drill shale wells across the Marcellus/Utica region was 26 for the week of Dec. 22 – 28, more than double the 12 issued two weeks ago. Pennsylvania issued 15 new permits, Ohio issued 6, and West Virginia issued 5. Among the companies receiving new permits were Antero, EOG, EQT, Hilcorp, INR, and Range Resources. 
The EOG Resources-owned Wehr Spring Valley Farm well in Ellsworth may signal a resurgence in the oil and gas industry in Mahoning County, Ohio. Producing 40,489 barrels of oil in its first quarter, the well significantly outperformed neighboring sites, validating predictions that the Utica play would yield oil as it moves north. Regional leaders and attorneys attribute this success to advanced drilling technologies, specifically improved surfactant chemistry and closer fracturing stages. This production spike in the Wehr well has revitalized local interest in mineral rights and spurred infrastructure investments, such as Vallourec’s $48 million pipe mill expansion, highlighting the region’s growing economic potential. 
The Ohio Tax Commissioner is facing a lawsuit from Rover Pipeline over an aggressive property tax assessment that inflates the project’s market value. The dispute centers on the state treating $2.2 billion in weather-related construction overruns and an unrealistic “infinite lifespan” assumption as value-adding assets. Critics argue that this approach violates constitutional principles of fair market valuation, under which taxes should reflect what a willing buyer would pay rather than total development costs.