Kalnin Ventures closes on second Marcellus asset
Tuesday, January 31, 2017
Kalnin Ventures LLC added to its non-operating portfolio, closing on its second asset in the Marcellus shale, according to Power Engineering.
Kalnin acted on behalf of Banpu Pcl, a Thiland-based coal mining and power-generation company, acquiring the new assets from Chief Exploration and Development LLC.
The deal was valued at $63 million and included more than 170 wells, operated by several established Marcellus operators.
Learn more: Power Engineering > Kalnin Ventures Announces Closing of Second Marcellus Asset Acquisition
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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.