Mountaineer Keystone adds Marcellus assets

Mountaineer Keystone Energy LLC, Pittsburgh, has completed the acquisition of equity interests in PDC Mountaineer LLC, a 50-50 joint venture PDC Energy Inc. and Lime Rock Partners LLC with interests in the Marcellus shale, for a total of $500 million.

The acquisition includes more than 131,000 net acres in the Marcellus shale in West Virginia, about 65% of which is held by production.

Reserves and production, calculated from an earlier announcement of the sale by PDC Energy, are 480 bcf proved and 48 MMcfd of gas equivalent.

Mountaineer Keystone also acquired midstream assets of PDC Mountaineer, including 24 miles of high-pressure gathering lines with capacity exceeding 100 MMcfd. MK Midstream Holdings, a joint venture in which Mountaineer Keystone holds a 50% interest, will manage those properties.

Mountaineer Keystone is a portfolio company of First Reserve, a private equity and infrastructure investment firm focused on energy.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...