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Seneca, IOG Capital Grow Marcellus JV; Bolster Development
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National Fuel Gas Company reported that Seneca Resources Corporation, its wholly owned exploration and production subsidiary, and IOG CRV - Marcellus, LLC, an affiliate of IOG Capital, LP, and funds managed by affiliates of Fortress Investment Group LLC, have agreed to a modified extension of their joint development agreement, which includes a commitment to develop additional Marcellus Shale natural gas assets located in Elk, McKean and Cameron counties in north-central Pennsylvania.
Under the terms of the revised joint development agreement, Seneca and IOG commit to jointly participate in a program that will develop a total of 75 Marcellus wells located in the Clermont/Rich Valley area in Pennsylvania.
In December 2015, IOG initially committed to developing 42 wells with an option to…
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