Former leaders of Rice Energy launch investment group
Monday, June 4, 2018
The former owners of natural gas drilling company Rice Energy Inc., which was acquired by EQT Corp. in 2018, has started a new oil and natural gas venture, according to the Pittsburgh Business Times.
The $200 million multi-strategy fund will invest in oil and gas companies “with a focus on partnering where [its] operational, technical and strategic experience add value.” Rice Investment Group includes brothers Daniel Rice, Toby Rice, Derek Rice and Ryan Rice. It’s based in Carnegie, near Pittsburgh.
Rice Investment Group is looking to invest $1 million to $40 million across the capital stack in the upstream, midstream, oilfield services and energy technology sectors, according to its website.
Learn more: Pittsburgh Business Times > Rice Energy leadership starts investment group
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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.