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Wednesday, December 14, 2011

Endeavor Cancels Marcellus Shale Sale

Endeavor Cancels Marcellus Shale Sale

Endeavor International Corp. announced today that it has ended its purchase and sale agreement with SM Energy Corp. for a leasehold, pipeline and other items in McKean and Potter counties.

The $80 million agreement would have included all of SM Energy’s Marcellus Shale assets, including 42,000 acres of leasehold plus wells and pipelines.

The sale was announced in July and today was the deadline to finalize it. Endeavor did not give a reason for termination of the agreement.

http://phx.corporate-ir.net/phoenix.zhtml?c=131980&p=irol-newsArticle&ID=1639405&highlight=

3 comments :

Anonymous said...

I don't blame them ! No one wants anything to do with potter county!

Anonymous said...

A very wise man in Bradford said a few years ago that the Marcellus Shale gas was a big Ponzi scheme!

It's doing more damage to Pennsylvania than the harvestable gas is worth!

Anonymous said...

The previous comments were made by persons who haven't attended the public meetings held in Shinglehouse by the 4-County Leasing Group. I'm convinced of that because during several such events it was reported by reputable sources that @ least a dozen companies (major players) have already made serious inquiry @ the Co-exprise home office in Wexford, into the size of the Group and are EAGER to have the Group ready to go to bid. The hold-up seems to be related to # of folks waiting for their leases to expire ... (soon), which means the # and location of OGM acreage cannot be shown on the live map. One can also figure that those sitting back waiting to see what "the offers and royalty % will be" before committing their OGM ACs, are also slowing down the process. Major companies bidding on the "unknown" is not often done. It's like "Tell me what you've got, THEN I'll tell you what I'll pay you."
Having been to several of those meetings and seen the paperwork, I know the Group is putting out a Reserved Bid of $3,000 AC, and Gross Royalty of 17%. Don't know when or where the next meeting is, but I hope to be there. Love to see progress!