Published: March 11, 2010
Northeast Natural Energy Acquires 11,657 Net Acres in the Marcellus Shale from Nytis Exploration Company
CHARLESTON, W. Va. - (BUSINESS WIRE) - Northeast Natural Energy LLC ("NNE" ) announced today that it has closed
the acquisition of 11,657 net acres in the core of the Marcellus Shale
and associated shallow conventional oil and gas wells from Nytis
Exploration Company LLC and from Nytis Exploration of Pennsylvania LLC
("Nytis" ), both private exploration and production companies. Financial
terms were not disclosed.
"We are very pleased to establish a significant acreage position in the
core of the Marcellus Shale," said Mike John, NNE's President. "The
acreage, which is very high in quality, is located in some of the most
attractive areas in the Marcellus including Armstrong, Clearfield and
Westmoreland Counties, Pennsylvania. This transaction provides a
platform for future bolt-on positions in the region and establishes
NNE's position as a key participant in the development of the Marcellus
Shale. We look forward to drilling this acreage as we continue to
evaluate many other substantial opportunities in the Marcellus."
About Northeast Natural Energy
Northeast Natural Energy LLC, headquartered in Charleston, WV, is a
private oil and gas company focused on natural gas drilling,
exploration, acquisition and joint-venture opportunities in the
Marcellus Shale. The principals of NNE have worked together in various
capacities for over 20 years and possess a significant amount of
knowledge and operational expertise in the Appalachian Basin, in
particular the Marcellus Shale formation.
For more information, please visit www.northeastnaturalenergy.com.
About Metalmark Capital
Metalmark Capital is a leading private equity firm whose principals have
a long track record of successful investing in targeted sectors, with
particular focus and competence in energy and natural resources,
industrials and healthcare. Metalmark Capital seeks to build long-term
value through active and supportive partnerships with the companies and
management teams in which they invest. Metalmark Capital is an
investment center of Citi Capital Advisors.
For more information, please visit www.metalmarkcapital.com.
This press release does not constitute an offering of interests in
any fund or partnership managed by Metalmark Capital. If and when
an investment opportunity is structured, all investors must obtain and
carefully read the related confidential offering memorandum and any
amendments or supplements thereto.
Northeast Natural Energy, LLC
Mark Williams, 304-414-7070
mwilliams@nne.llc.com
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