Tanglewood Exploration LLC has retained Energy Spectrum Advisors Inc. to evaluate strategic options in connection with the future development and exploitation of their Marcellus shale properties and opportunities.
Tanglewood has approximately 3,000 gross (2,700 net) acres and access to an additional 30,000 acres in the southwestern core area of the Marcellus in Greene County, Pennsylvania. Their first horizontal Marcellus well was drilled with a 3,000-foot lateral (gross) and had initial production of approximately 9 million cubic feet equivalent per day.
Upside includes two additional horizontal Marcellus wells drilled with longer laterals that are waiting on completion, another well currently drilling and another expected to spud in late November. Estimated ultimately recoveries are projected at 5 billion cubic feet per well.
The bid due date is Dec. 17. The data room opens Nov. 15. Contact BJ Brandenberger, 214-987-6145, email@example.com.