PDC Mountaineer, LLC
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| Revision as of 18:50, 4 November 2009 Tcopley (Talk | contribs) (Petroleum Dev. Corp. announces JV to help develop its Marcellus shale acreage) ← Previous diff |
Revision as of 18:29, 7 April 2011 Tcopley (Talk | contribs) (PDC Mountaineer JV drills 5 horizontals during 2010) Next diff → |
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| - | Bridgeport, [[West Virginia]]-based '''PDC Mountaineer, LLC''' is a joint venture (JV) that was announced in November, 2009 by [[Petroleum Development Corp]] (aka PDC) and private equity firm ''Lime Rock Partners''. It was to focus on the [[Marcellus shale]] region. | + | Bridgeport, [[West Virginia]]-based '''PDC Mountaineer, LLC''' (PDCM JV) is a joint venture (JV) that was announced in November, 2009 by [[Petroleum Development Corp]] (aka PDC) and private equity firm ''Lime Rock Partners''. It was to focus on the [[Marcellus shale]] region. |
| PDC contributed acreage, producing properties, reserves and gathering facilities all valued at $158.5 million. This was to consist in part of 115,000 net acres in the Appalachian Basin with 55,000 that are prospective for Marcellus shale. | PDC contributed acreage, producing properties, reserves and gathering facilities all valued at $158.5 million. This was to consist in part of 115,000 net acres in the Appalachian Basin with 55,000 that are prospective for Marcellus shale. | ||
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| Lime Rock was to match PDC's investment with a similar amount of funding by no later than December 31, 2011 in order to earn a 50% interest in the JV. | Lime Rock was to match PDC's investment with a similar amount of funding by no later than December 31, 2011 in order to earn a 50% interest in the JV. | ||
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| + | According to a year-end 2010 company report, during the year PDCM had drilled 5 [[Horizontal drilling|horizontal Marcellus wells]] with three currently online to sales. | ||
| * Dewey Gerdom is the CEO of the JV and a former PDC Vice President - Eastern Operations. | * Dewey Gerdom is the CEO of the JV and a former PDC Vice President - Eastern Operations. | ||
Revision as of 18:29, 7 April 2011
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Bridgeport, West Virginia-based PDC Mountaineer, LLC (PDCM JV) is a joint venture (JV) that was announced in November, 2009 by Petroleum Development Corp (aka PDC) and private equity firm Lime Rock Partners. It was to focus on the Marcellus shale region.
PDC contributed acreage, producing properties, reserves and gathering facilities all valued at $158.5 million. This was to consist in part of 115,000 net acres in the Appalachian Basin with 55,000 that are prospective for Marcellus shale.
Ninety PDC employees were designated to support the JV.
Lime Rock was to match PDC's investment with a similar amount of funding by no later than December 31, 2011 in order to earn a 50% interest in the JV.
According to a year-end 2010 company report, during the year PDCM had drilled 5 horizontal Marcellus wells with three currently online to sales.
- Dewey Gerdom is the CEO of the JV and a former PDC Vice President - Eastern Operations.
