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Repsol Buys Rockdale PA Assets Out of Bankruptcy for $222M
In September MDN broke the news that Rockdale Marcellus had filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania (see NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy). On Dec. 16 an auction for Rockdale’s assets was held in Dallas, Texas. The highest bidder and winner was Repsol, buying substantially all of Rockdale’s assets for $220 million in cash, plus the assumption of $2 million in debt owed to trade creditors. Last Wednesday, Dec. 29, the U.S. Bankruptcy Court for the Western District of Pennsylvania approved the auction results and sale to Repsol.
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There was a decent number of new permits issued across all three actively drilling Marcellus/Utica states cumulatively last week. In Pennsylvania, 19 new shale well permits were issued across the state. In Ohio, three new shale permits were issued. West Virginia issued 8 new shale permits last week, with five going to a company we had not previously heard of.
A sad exclusive to share with you today. Yesterday northeast Pennsylvania driller Rockdale Marcellus filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania. The company, which owns and operates 66 producing wells on 42,897 net acres in three northeast PA counties (regional headquarters in Pittsburgh) plans to auction off all of its assets according to paperwork filed with the court.
A recently published book that attempts to show fracking in Lycoming County, PA area in the worst possible light, along with a section excerpted from the book running in the New York Times, once again reopens an old case that accuses Range Resources of ruining the water supply for several homes near a fracked well drilled by Range. In 2011 Range drilled and fracked the Harman Lewis Unit 1H well along Green Valley Road in Hughesville, PA. Following an investigation, the PA Dept. of Environmental Protection (DEP) slapped Range with a record $8.9 million fine in June 2015, accusing the company of faulty casing in its well, leading to methane migration that had contaminated several area water wells (see 
Seneca Resources, the drilling arm of utility giant National Fuel Gas Company, is conducting its first experiment with electric fracking. We’re aware of at least three other Marcellus/Utica drillers that currently use electric fracking: Range Resources, CNX Resources, and Olympus Energy (former Huntley & Huntley). Seneca, like Range, will use U.S. Well Services to provide e-fracking. Seneca is conducting a field trial for a 6-well pad in Lycoming County, PA.
We finally come to the end of a saga that began nearly three years ago, in Sept. 2018 when six men were charged with conspiring to illegally alter emissions systems on 30+ trucks with heavy-duty diesel engines, trucks used to haul water and wastewater to and from Marcellus Shale wells (see