Antero partners with Quantum to fund Marcellus Development
Tuesday, March 2, 2021
Antero Resources Corp. is partnering with an affiliate of Quantum Energy Partners to fund a portion of its Marcellus and Utica shale development through 2024, according to Natural Gas Intelligence.
QL Capital Partners would fund 20% of Antero’s development capital spending this year and 15-20% from 2022 to 2024 in exchange for working interest in each well spud. Antero’s new partner has also agreed to pay a drilling carry each year if certain performance thresholds are met.
The partnership is worth up to $550 million and will help fund drilling 60 wells, focusing on the Marcellus Shale of West Virginia.
Learn more: Natural Gas Intelligence > Antero partnering with Quantum to fund some Marcellus Development through 2024
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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.