Talks for Repsol to Buy Some/All of Talisman Energy are “Frozen”
Oh oh. Corporate raider Carl Icahn won’t be happy about this one. MDN told you a month ago that Spanish energy company Repsol was seriously considering buying some, or all, of Canadian company Talisman Energy (see Repsol Eyes Talisman Energy for “Assets” – Takeover Target?). Talisman has substantial Marcellus Shale drilling operations in Pennsylvania. Last October, just as he had previously done with Chesapeake Energy, corporate raider Carl Icahn increased his ownership of Talisman stock (see Carl Icahn Snaps Up 6% of His Next E&P Victim: Talisman Energy). That means big changes are coming for Talisman–and not necessarily good changes. When Repsol came sniffing around everyone thought a deal would be likely. But according to an article in yesterday’s Wall Street Journal, the talks for Repsol to buy some or all of Talisman have stalled. The word they use is “frozen”…
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Without a doubt the biggest story from last week, which broke on MDN’s first day off in our one-week vacation, was the new natural gas production numbers coming from Pennsylvania and the Marcellus Shale. The PA Dept. of Environmental Protection released production numbers for the first six months of 2014, which show that PA produced an incredible 1.94 trillion cubic feet during that period–up 14% from the last half of 2013 (1.697 Tcf), and comparing apples to apples, up an astonishing 38% from the same period a year ago, the first half of 2013 (1.406 Tcf). PA also produced 1.7 million barrels of condensate (or natural gasoline) and 182,000 barrels of oil. Below we list the Top 10 producing wells in 1H14. Would it surprise you to learn that 9 of the top 10 are found in the same county, drilled by one company? We also include the full list of all 7,679 wells drilled so far…
The shadowy (we’d call it sinister) “non-profit” anti-drilling organization called the Public Accountability Initiative (PAI) released a “report” last week targeting the Center for Sustainable Shale Development (CSSD) once again, claiming it’s a front group for the shale drilling industry. The PAI was previously responsible for closing a new shale research institute at University at Buffalo (see
Washington & Jefferson College, located in Washington, PA (Pittsburgh suburb) has a Center for Energy Policy & Management–which makes sense since Washington County, PA sits in the middle of the wet gas Marcellus drilling zone. W&J recently teamed up with the Washington, DC-based Environmental Law Institute (ELI) to study the “boom and bust” cycle that communities face with resource extraction like the Marcellus Shale. The thought was to produce a document–in this case a series of documents–that can guide local and state politicians as they plan for the future. How can, and even *can* a community avoid a “bust” after a huge boom? That’s what the documents aim to answer. The only problem is, the ELI seems to tilt anti-drilling, and the entire study was funded by Mamma Teresa Heinz-Kerry and her Heinz Endowments–a strongly anti-drilling organization. So you know where this is headed…