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Marcellus Shale News Update
Exxon buys 317,000 acres in the Marcellus Shale Region of Pennsylvania
In the beginning of June Exxon Mobile corp., which is the largest U.S. natural-gas producer, paid $1.69 billion for two closely held energy explorer companies, Phillips Resources Inc., and TWP Inc. in Pennsylvania. Exxon now holds shale-gas reserves in Pennsylvania and neighboring states.
This latest buy in to the Marcellus Shale in Pennsylvania by big industry shows industry confidence in hydraulic- fracturing "fracking" to free gas unleashing new supplies in natural gas in the U.S.
Shale formations have the potential to more than double the world's gas reserves, the U.S. Energy Information Agency said in an April 5 assessment.
The U.S. has an estimated 827 trillion cubic feet of shale gas and it may account for 47 percent of the nation's production of the fuel by 2035, the agency said.
Pennsylvania is a big player in this shale gas explosion.
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Phoenixville
120 Gay St.
Phoenixville, PA 19460
Phone: (610) 933-8069
Fax: (610) 240-9323
Regular Business Hours
Malvern
116 E. King St.
Malvern, PA 19355
Phone: (610) 240-0750
Fax: 610-240-9323
By Appointment
West Chester
17 W. Gay St.
P.O. Box 515
West Chester, PA 19381
Phone: (610) 933-8069
Fax: 610-240-9323
See David by Appointment call 610-933-8069 For David Frees
