East Resources gets funds for Marcellus work

07/06/2009
East Resources Inc., a privately-owned independent in Warrendale, Pa., said Kohlberg Kravis Roberts & Co. LP (KKR), New York, bought a minority equity position in the company with a “significant investment” from private equity funds.East Resources’ management and employees retain responsibility for day-to-day operations.Proceeds will be used to strengthen the company’s balance sheet through the repayment of all outstanding balances under the company’s credit facility. It also will help finance long-term oil and gas exploration and development, particularly in the Marcellus shale.“Given the increased competition in the Appalachian basin’s Marce...
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