Alta Resources considers selling Appalachian acreage for $3 billion
Wednesday, February 10, 2021
Alta Resources is considering a sale of its acreage for more than $3 billion, sources told Reuters last week.
The privately-owned Appalachian natural gas producer has been forced to explore options that increase efficiency due to the long slump in energy demand that has put pressure on North American oil and gas exploration and production.
Alta has reached out to potential acquirers to solicit interest ahead of a formal sale process, according to sources.
Learn more: Reuters > Appalachia gas producer Alta Resources exploring $3 billion sale -sources
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.