2011-02-25-2011-02-04-2011-02-04

Entered JV to develop 82,000 Marcellus acres in Fayette County, Pa., and several N WV counties.

Privately held, Charleston, W. Va-based Triana Energy LLC has joined forces with a subsidiary of Houston-based Marathon Oil Corp. (NYSE: MRO) to develop 82,000 acres of Marcellus shale gas property in Fayette County, Pa., and several northern West Virginia counties. The total deal value was undisclosed.

Triana will drill four horizontal wells on the acreage this year to define optimal completion patterns. Subsequent development will involve systematically drilling 132 horizontal wells on 43 pads. Full development of the property could potentially involve up to 350 wells.

Triana currently operates Marcellus development projects in Potter, Clearfield and McKean counties in Pennsylvania, and Taylor and Lewis counties in West Virginia.

Executives of the former Triana Holdings, which owned and operated Columbia Natural Resources prior to its sale to Chesapeake Energy in 2005, established Triana Energy in 2006. In June 2009, Morgan Stanley Private Equity invested in the company, allowing an expansion of its Marcellus strategy, continuing a decade-long association between Morgan Stanley Private Equity and the Triana Energy executive team.

Morgan Stanley managing director John Moon says, "We're very pleased with the progress that this latest acquisition represents toward our shared goal of building yet another successful energy company with the Triana
team." Morgan Stanley Private Equity also sponsored the Triana Energy management team in its original company founded in 2001 and their subsequent acquisition of Columbia Natural Resources in 2003.