Rockdale Marcellus files for bankruptcy
Monday, September 27, 2021
Last Tuesday, Rockdale Marcellus Holdings LLC, a natural gas driller in northeastern Pennsylvania, filed for Chapter 11 bankruptcy protection in a federal bankruptcy court in Pittsburgh, according to Pittsburgh Business Times.
According to court filings, there are two related bankruptcy proceedings — Rockdale Marcellus Holdings and Rockdale Marcellus, which is owned by the holding company.
In its filing, Rockdale Marcellus Holdings estimated both assets and liabilities between $100,000 and $500 million with between 1,000 and 5,000 creditors.
Additionally, the company is asking the court for permission to sell all of its assets as part of its plan to either sell completely or have a standalone reorganization.
Learn more: Pittsburgh Business Times > Natural gas driller Rockdale Marcellus files for bankruptcy protection
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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.
Please explain how the Rockdale Marcellus bankruptcy will affect landowners of gas wells. Thanks!