PITTSBURGH—Many in the oil and gas business rate the Appalachian Basin the “most best” play in the world. If that’s true, then PennEnergy Resources LLC enjoys its place in the “best of the best,” its president and COO said during Hart Energy’s DUG East Conference and Exhibition on June 22.
“We’re in the top tier, the core,” Greg Muse told conference attendees. The producer holds more than 83,500 gross acres, 77,000 net acres, centered in two blocks in southwestern Pennsylvania’s Beaver, Butler and Armstrong counties north of Pittsburgh. More than 80% of the acreage is HBP with no near-term expirations, Muse said, adding “we continue to aggressively grow this position every day.”
Also, PennEnergy “enjoys very favorable lease terms in development-friendly areas of operation,” Muse said. Year-end 2016 net proved reserves were 1.4 Tcfe “with over 13 Tcfe of net resource potential.”
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