Marcellus Shale

National Fuel Gas Fails To Close Deal On Marcellus Shale Joint Venture

National Fuel Gas (NFG) reported that the company has still not found a joint venture partner to help develop the company’s Marcellus Shale acreage.

National Fuel Gas said that it came close to a deal with two potential partners, but couldn’t come to an agreement with them.  The company is still looking but does not feel any pressure to come quickly to a deal because it is not “capital constrained or up against a schedule of lease expirations.”

This news seemed to disappoint investors and the stock is down pretty sharply, albeit on a volatile day in the stock market.

Marcellus Shale Drilling Reaches Maryland

In December 2009, Samson Resources applied for the first permits to drill to the Marcellus Shale in Maryland. The company wants to drill three wells in Garrett County and a fourth well in Allegany County, according to the Maryland Department of the Environment.

Samson Resources is a privately owned oil and gas company based in Tulsa, Oklahoma. If the initial wells are successful, the company plans to drill several hundred wells on 70,000 acres in the area over the next ten years.