New Joint Venture Plans To Explore Marcellus, Utica Shale Plays - WOWK 13 Charleston, Huntington WV News, Weather, Sports

New Joint Venture Plans To Explore Marcellus, Utica Shale Plays

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With sights set on local shale plays, American Energy Partners LP and Energy and Minerals Group announced June 18 that they are forming American Energy – Midstream, LLC (AE-MidCo).

The new company will make investments in the midstream natural gas industry — which includes the transportation, storage and wholesale marketing of petroleum — focusing on natural gas gathering and processing systems and long-haul pipelines associated with the four AELP affiliates with shale play-specific mandates.

AELP, an Oklahoma City-based oil and natural gas exploration and production company, has affiliates in the Marcellus (AEM), Utica (AEU), Woodford (AEW) and Permian Basin (AEPB) shale plays. Texas-based EMG, a private investment firm that invests in the energy and minerals sectors, is the lead equity investor in all four affiliates.

The announcement comes just days after AELP reported on June 9 that AEM and AEU signed a $1.75 billion agreement to acquire 75,000 net acres in the southern Utica and Marcellus shale plays from East Resources, Inc. and another unnamed private company.

In the transaction, AEM acquired approximately 48,000 net acres of leasehold in Doddridge, Harrison, Marion, Tyler and Wetzel counties in West Virginia; and AEU acquired approximately 27,000 net acres of leasehold in Monroe County, Ohio.

The Marcellus acquisition marks AEM’s entry into the southern Marcellus Shale play, on which the company plants to drill approximately 410 gross wells and 355 net wells.