Zone Oil & Gas
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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, 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.
