Reliance Industries of India in Bidding War with Chevron to Buy Atlas Energy
India’s largest private sector company, and one of the world’s largest energy companies, Reliance Industries Limited (RIL), is in a bidding war with Chevron to buy Atlas Energy. A primary motivator for both companies is the large number of net acres Atlas controls in the Marcellus Shale region. Just last year RIL and Atlas formed a joint venture, a deal that would have been worth $3.5 billion over ten years. Now that Atlas is on the block, RIL wants to tie the knot permanently. But another suitor has arrived and is vying for Atlas’ affections by offering $4.3 billion:
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Thank you to everyone who has asked when MDN would resume publication. Starting January 31, we’re back! The purpose of MDN (Marcellus Drilling News) is to bring news, resources and commentary that is of interest and benefit to landowners in the Marcellus Shale region of the U.S. That is, for those people who are potentially affected by drilling for natural gas in the Marcellus Shale—which is just about everyone in the Northeast and Mid-Atlantic regions of the United States. But in particular, it is for landowners in the Marcellus—those who stand to gain (or lose) by leasing land for natural gas drilling.
Tuesday, August 4, was a sad day for New Yorkers who, after more than two years of waiting, found out they will have to wait longer to begin drilling for natural gas in the Marcellus Shale. On Tuesday, the New York Senate voted 48-9 to prevent hydraulic fracturing (drilling) of gas wells in the Marcellus and Utica Shale formations in New York State. The moratorium, sponsored by State Senator Antoine Thompson (Democrat-Buffalo), prevents gas drilling for another nine months, until May 15, 2011.