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.

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