S.T.L. Resources Outmaneuvers Rival Bidders to Snag Bankrupt Tilden Marcellus

S.T.L. Resources initially appeared to win Marshland Field assets mineral leases and infrastructure in the Marcellus, but a last-minute bidder nearly upended the process.

S.T.L. Resources Outmaneuvers Rival Bidders to Snag Bankrupt Tilden Marcellus

While S.T.L. is the new owner and operator of the Marshlands assets, the management team includes Bill Hayward, chairman of S.T.L. Resources, who helped to drill the initial Utica Shale pilot well in the Marshlands. (Source: Hart Energy, Shutterstock.com)

After a touch of courtroom drama, S.T.L. Resources LLC has emerged as the owner of 24,000 net mineral acres in the Marcellus Shale from bankrupt Tilden Marcellus LLC, according to court records and a June 28 press release.

S.T.L. Resources initially appeared to win assets in Tioga and Potter counties, Pa. through a court-sanctioned bidding process following Tilden’s Chapter 11 bankruptcy in February—until a last-moment jolt.

After bidding ended on May 24, Tilden received another offer from ABC Holdings, headed by Gregory Werkheiser and Michael Barrie, two attorneys associated with the law firm Benesch Friedlander Coplan & Aronoff LLP.

At the beginning of the auction process, two bidders had presented offers of $10 million and $17 million. Attorneys described the auction process as longer than the “usual grind.”

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Darren Barbee

Darren Barbee is senior editor for Oil and Gas Investor magazine.