Eclipse, Blue Ridge form Montage Resources Corp. in merger
Friday, March 8, 2019
Eclipse and Blue Ridge Mountain Resources recently announced they’ve finally completed the merger they announced last August to form a new company called Montage Resources Corp., according to Kallanish Energy.
Montage Resources common stock begins trading on the New York Stock Exchange earlier this week under the ticker symbol “MR”, giving effect to the 15-to-1 reverse stock split that was part of the merger deal.
The new entity is an independent exploration and production company with roughly 227,000 net effective undeveloped acres currently focused on the Utica and Marcellus Shale plays in southeast Ohio, West Virginia and North Central Pennsylvania.
Learn more: Kallanish Energy > Eclipse, Blue Ridge close merger, change name
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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.