Spain’s Repsol has purchased US shale oil and gas assets from Rockdale Marcellus as part of Rockdale’s Chapter 11 process. The sale, which sees Repsol pay $222 million, was approved Dec. 29 by the US Bankruptcy Court for the Western District of Pennsylvania.
Rockdale Marcellus Holdings LLC and Rockdale Marcellus LLC filed voluntary petitions for relief under Chapter 11 of the US bankruptcy code on Sept. 21, 2021.
Rockdale Marcellus was formed with the acquisition of Shell’s operated Marcellus properties in Tioga, Lycoming, and Bradford Counties in Pennsylvania in 2017. At the time of the bankruptcy filing, the company owned and operated producing wells on a contiguous acreage position of 42,897 net acres.
Production as of March 2021 was about 110 MMcfd with future drilling locations identified in the Marcellus dry gas shale formation.
Prior to the acquisition, Repsol held an interest in 171,000 net acres in the Marcellus shale, primarily in northeastern Pennsylvania in Bradford, Susquehanna, and Tioga counties.
Repsol owns and operates midstream assets in Pennsylvania comprising some 350 miles of production and gathering pipelines, which are serviced by eight compression and gas dehydration facilities. The midstream assets, having a meter sales capacity of 1.5 bcfd, deliver gas into multiple interstate pipeline systems.
