Zone Oil & Gas
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| Revision as of 00:17, 12 July 2010 Tcopley (Talk | contribs) (Company sells NE PA Marcellus shale interest out to joint venture partner) ← Previous diff |
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| - | Buffalo, [[New York]]-based '''Zone Oil & Gas''' (NYSE-ALT: ZN) is an energy company the brings together several entities formerly chaired by Tom O'Neill, Jr. It focuses on exploration of the [[Marcellus shale|Marcellus]], Oriskany, Tuscarora, and [[Trenton-Black River]] formations. | + | Buffalo, [[New York]]-based '''Zone Oil & Gas''' (NYSE-ALT: ZN) is an energy company the brings together several entities formerly chaired by Tom O'Neill, Jr. It focuses on exploration of the [[Marcellus shale|Marcellus]], [[Oriskany]], Tuscarora, and [[Trenton-Black River]] formations. |
| The company has a long track record of successfully drilling in the Oriskany in [[Pennsylvania]] and [[West Virginia]]. | The company has a long track record of successfully drilling in the Oriskany in [[Pennsylvania]] and [[West Virginia]]. | ||
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| It is joint venture partners with [[Penn Virginia Corporation]] in a project to develop 40,000 acres in northeastern Pennsylvania prospective for Marcellus shale. | It is joint venture partners with [[Penn Virginia Corporation]] in a project to develop 40,000 acres in northeastern Pennsylvania prospective for Marcellus shale. | ||
| - | A news account appeared in July, 2010 that stated Zone had sold its entire Marcellus shale holdings to its joint venture partner, Penn Virginia. Zone's Marcellus acreage was located in Fayette, Potter, Somerset, [[Tioga]], and [[Westmoreland]] counties. Zone sold nearly 32,000 acres in exchange for $15 million cash and a 6% royalties on revenue from any eventual wells drilled on the property. Citing economic conditions as the reason, the joint venture had to date refrained from drilling any wells there. | + | A news account appeared in July, 2010 that stated Zone had sold its entire Marcellus shale holdings to its joint venture partner, Penn Virginia. Zone's Marcellus acreage was located in Fayette, [[Potter]], Somerset, [[Tioga]], and [[Westmoreland]] counties. Zone sold nearly 32,000 acres in exchange for $15 million cash and a 6% royalties on revenue from any eventual wells drilled on the property. Citing economic conditions as the reason, the joint venture had to date refrained from drilling any wells there. |
| * Thomas H. O'Neill, Jr. is Zone's Chairman. | * Thomas H. O'Neill, Jr. is Zone's Chairman. | ||
| * Bob Brook is the company's President and CEO. | * Bob Brook is the company's President and CEO. | ||
Current revision
Buffalo, New York-based Zone Oil & Gas (NYSE-ALT: ZN) is an energy company the brings together several entities formerly chaired by Tom O'Neill, Jr. It focuses on exploration of the Marcellus, Oriskany, Tuscarora, and Trenton-Black River formations.
The company has a long track record of successfully drilling in the Oriskany in Pennsylvania and West Virginia.
It is joint venture partners with Penn Virginia Corporation in a project to develop 40,000 acres in northeastern Pennsylvania prospective for Marcellus shale.
A news account appeared in July, 2010 that stated Zone had sold its entire Marcellus shale holdings to its joint venture partner, Penn Virginia. Zone's Marcellus acreage was located in Fayette, Potter, Somerset, Tioga, and Westmoreland counties. Zone sold nearly 32,000 acres in exchange for $15 million cash and a 6% royalties on revenue from any eventual wells drilled on the property. Citing economic conditions as the reason, the joint venture had to date refrained from drilling any wells there.
- Thomas H. O'Neill, Jr. is Zone's Chairman.
- Bob Brook is the company's President and CEO.
