Quest Resource Corporation
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| - | Here is where some info about '''Quest Resource ''' | + | '''Quest Resource Corporation''' (NASDAQ: QRCP), an Oklahoma-based exploration and production company, was reported as of September, 2008 owning 122,600 net acres in the Appalachian Basin prospective for [[Marcellus shale]]. This acreage was dramatically scaled back at the end of October, 2008. |
| - | '''Corporation''' should go. This article is still a stub and needs | + | |
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| - | '''Quest Resource Corporation''' (QRCP), an Oklahoma-based exploration and production company was reported as of September, 2008 as owning 122,600 net acres in the Appalachian Basin that are prospective for Marcellus shale. | + | In July, 2008 Quest had purchased ''PetroEdge'' for $140 million and through it acquired 78,000 net acres of prospective natural gas drilling rights in [[West Virginia]], [[Pennsylvania]] and [[New York]]. 67,000 acres of this acreage was in the Marcellus shale fairway. PetroEdge's Marcellus leases bought by Quest consisted of: 41,000 acres in Lewis, Ritchie, and Wetzel, Counties in WV; 22,000 acres in Lycoming County, PA; and 3,000 net acres in Steuben County, NY. Along with these leases, Quest acquired 112 completed and producing wells. All had been drilled since 2005. |
| - | In October, 2008, Quest announced it has budgeted $11 million to cover the following drilling plans it has for the forth quarter of the year: | + | In early October, 2008, Quest announced it has budgeted $11 million to cover the following drilling plans it had for the forth quarter of the year: |
| * Lycoming County, Pennsylvania - One vertical test well | * Lycoming County, Pennsylvania - One vertical test well | ||
| - | * Lewis County, West Virginia - One horizontal well | + | * Lewis County, West Virginia - One [[Horizontal drilling|horizontal]] well |
| * Ritchie County, West Virginia - Two vertical wells | * Ritchie County, West Virginia - Two vertical wells | ||
| * Wetzel County, West Virginia - Two horizontal wells | * Wetzel County, West Virginia - Two horizontal wells | ||
| - | In November, Quest announced a joint venture with an unnamed company whereby it sold 4,500 undeveloped Marcellus acres while retaining its position in Wetzel County. Three wells is various stages of completion along with gas pipelines were sold to the anonymous party. In the future drilling expenses will be shared on a 50-50 basis between Quest and the other party to the venture. | + | Quest was then reported selling its undeveloped Marcellus leases by the end of October, 2009 to various undisclosed parties. These included: |
| + | * Somerset Count, PA - 22,600 net undeveloped acres and one well for $6.8 million. | ||
| + | * [[Potter|Potter County]], PA - 28,700 acres fir $3.2 million | ||
| + | * Lycoming County, PA - 23,076 net undeveloped acres and one well. | ||
| - | David Lawler is President of Quest Resource Corp. | + | In November, Quest announced a joint venture in Wetzel County with an unnamed company. It sold 4,500 undeveloped Marcellus acres in Wetzel County for $6.1 million while still maintaining its basic position there. Three wells, in various stages of completion, were sold along with gas pipelines. In the future all drilling expenses were to be shared on a 50-50 basis between Quest and its venture partner. |
| + | According to its 2008 Annual Report on Form 10-K, issued in June, 2009, Quest had experienced a number of financial setbacks since its purchase of PetroEdge in July 2008. As of nearly one year after the acquisition, in June 2009, Quest's CapEx budget for developing its Appalachian acreage had greatly diminished from what had been announced the previous fall. It dropped from $11 million alone for the 4th quarter of 2008 to a mere $1.4 million for the entire year of 2009. These funds were to be used for artificial lift equipment, salt water disposal facilities, and vehicle replacement and purchases--essentially a maintenance level of expenditure with no new drilling. In fact, the 10-K report added the proviso that Quest's CapEx budget was only to be spent assuming that available cash was available to service the company's debt. | ||
| - | $6.1 million by selling about 4,500 undeveloped acres in the field, three wells in various stages of completion and existing pipelines and other equipment to an un-named compan | + | On March 8, 2010, Quest Resource Corporation, Quest Energy Partners, L.P. and Quest Midstream Partners, L.P. were merged into a new public company named [[PostRock]]. |
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| + | David Lawler is President of Quest Resource Corp. | ||
Current revision
Quest Resource Corporation (NASDAQ: QRCP), an Oklahoma-based exploration and production company, was reported as of September, 2008 owning 122,600 net acres in the Appalachian Basin prospective for Marcellus shale. This acreage was dramatically scaled back at the end of October, 2008.
In July, 2008 Quest had purchased PetroEdge for $140 million and through it acquired 78,000 net acres of prospective natural gas drilling rights in West Virginia, Pennsylvania and New York. 67,000 acres of this acreage was in the Marcellus shale fairway. PetroEdge's Marcellus leases bought by Quest consisted of: 41,000 acres in Lewis, Ritchie, and Wetzel, Counties in WV; 22,000 acres in Lycoming County, PA; and 3,000 net acres in Steuben County, NY. Along with these leases, Quest acquired 112 completed and producing wells. All had been drilled since 2005.
In early October, 2008, Quest announced it has budgeted $11 million to cover the following drilling plans it had for the forth quarter of the year:
- Lycoming County, Pennsylvania - One vertical test well
- Lewis County, West Virginia - One horizontal well
- Ritchie County, West Virginia - Two vertical wells
- Wetzel County, West Virginia - Two horizontal wells
Quest was then reported selling its undeveloped Marcellus leases by the end of October, 2009 to various undisclosed parties. These included:
- Somerset Count, PA - 22,600 net undeveloped acres and one well for $6.8 million.
- Potter County, PA - 28,700 acres fir $3.2 million
- Lycoming County, PA - 23,076 net undeveloped acres and one well.
In November, Quest announced a joint venture in Wetzel County with an unnamed company. It sold 4,500 undeveloped Marcellus acres in Wetzel County for $6.1 million while still maintaining its basic position there. Three wells, in various stages of completion, were sold along with gas pipelines. In the future all drilling expenses were to be shared on a 50-50 basis between Quest and its venture partner.
According to its 2008 Annual Report on Form 10-K, issued in June, 2009, Quest had experienced a number of financial setbacks since its purchase of PetroEdge in July 2008. As of nearly one year after the acquisition, in June 2009, Quest's CapEx budget for developing its Appalachian acreage had greatly diminished from what had been announced the previous fall. It dropped from $11 million alone for the 4th quarter of 2008 to a mere $1.4 million for the entire year of 2009. These funds were to be used for artificial lift equipment, salt water disposal facilities, and vehicle replacement and purchases--essentially a maintenance level of expenditure with no new drilling. In fact, the 10-K report added the proviso that Quest's CapEx budget was only to be spent assuming that available cash was available to service the company's debt.
On March 8, 2010, Quest Resource Corporation, Quest Energy Partners, L.P. and Quest Midstream Partners, L.P. were merged into a new public company named PostRock.
David Lawler is President of Quest Resource Corp.
