PDC Mountaineer, LLC
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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. | 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. The assets transferred amounted to the majority of PDC's Appalachian Basin assets. | + | 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. The assets transferred amounted to the majority of PDC's Appalachian Basin holdings. |
| Ninety PDC employees were designated to support the JV. | Ninety PDC employees were designated to support the JV. | ||
Revision as of 20:04, 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. The assets transferred amounted to the majority of PDC's Appalachian Basin holdings.
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.
