Chief Oil & Gas

Transaction Type
Sellers
Post Date
Estimated Price
MM
Description

Rumor has it that privately held, Dallas, Texas-based Chief Oil & Gas may be looking to sell its Marcellus shale acreage in northeastern and southwestern Pennsylvania, according to the Pittsburgh Business Times.

In 2008, Chief, which holds 600,000 acres in the Marcellus, opened a Wexford-based office to oversee the company's shale operations. Subsidiary Chief Gathering LLC, responsible for gathering and marketing resources for its parent company, is also based out of Wexford.

This would not be the first time the company has divested its shale assets. In 2006, Chief sold its Barnett shale acreage to Devon Energy for $2.2 billion.

The Pittsburgh Business Times noted that representatives from Chief Oil and Gas declined to comment on the matter.

Founded in 1994, Chief is engaged in the exploration, development and production of oil and natural gas reserves in several fields in the Appalachian Basin, in northern Texas and in central Utah.