Riverbend Energy finds buyer for $1.8B in assets
Wednesday, June 22, 2022
Riverbend Energy Group has found a buyer for $1.8 billion in upstream equity interests, according to Natural Gas Intelligence.
The sale includes non-operated interests in the Bakken/Three Forks, Utica, Fayetteville and Haynesville shale formations. The properties produce about 47,000 boe/d from 11,000 wells, according to Riverbend.
The name of the buyer has not been disclosed. The transaction is expected to close during the third quarter.
Learn more: Natural Gas Intelligence > Riverbend Energy Sells $1.8B in Lower 48 Assets to undisclosed Buyer
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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.