WEXFORD, PA / ACCESSWIRE / June 28, 2022 / S.T.L. Resources, LLC, through a newly created affiliate company, S.T.L. Marshlands, LLC ('S.T.L.'), is pleased to announce that on June 6, 2022 it closed on the acquisition of shale natural gas assets previously owned by Tilden Marcellus, LLC (the 'Seller'). The Seller filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code, in the United States Bankruptcy Court for the Western District of Pennsylvania on February 4, 2022. As a result of the closing, S.T.L. controls 100% of the working interest and will be the operator of record on all natural gas wells across the ~24,000 net mineral acres in Tioga and Potter Counties, Pennsylvania. A majority of the mineral acres are held-by-production and contain significant in-place infrastructure.
The Marshlands Field is in the core of the Marcellus and Utica Shale dry natural gas fairway with producing wells and prospective acreage across both formations. UGI Texas Creek, LLC, a subsidiary of UGI Corporation (NYSE: UGI) will continue to own and manage the gathering assets associated with the Marshlands Field. This transaction marks the second area of mutual interest entered into between S.T.L. Resources and UGI.
Although, S.T.L. is the new owner and operator of the Marshlands assets, the management team has a long and successful track record with this field. Bill Hayward, Chairman of S.T.L. Resources, helped to drill the initial Utica Shale pilot well in Marshlands and was the prospecting geologist that originally pieced together the acreage and subsequently sold it to Ultra Petroleum in the early 2000's. William Dressel, Founder and Managing Partner of S.T.L. Resources, negotiated many of the original mineral leases and surface right-of-ways and managed the original 3D seismic shoot over Marshlands. S.T.L. has also retained multiple employees from the Seller who have intimate knowledge of the assets.
William Dressel commented, 'This acquisition is consistent with our long-term growth strategy - to identify assets where we can leverage the deep talent of our team and help to unlock trapped value. We look forward to collaboratively working with both private stakeholders and public agencies to responsibly operate and develop this field.'
About S.T.L. Resources, LLC
S.T.L. Resources, LLC is an independent oil and gas company with headquarters outside of Pittsburgh, Pennsylvania. S.T.L. Resources' business strategy is to pursue the leasing, acquisition, exploration and development of oil and gas properties in the Marcellus and Utica shale plays of the Appalachian Basin. The S.T.L. Resources team has developed over 5 Tcf of gas reserves and in the Appalachian Basin, participated in the drilling of over 2,000 unconventional wells and the leasing and management of over 500,000 acres.
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SOURCE: S.T.L. Resources, LLC
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