People Powered. Asset Strong.

History

Following the initial 2011 purchase of 50,000 acres in West Virginia, our company embarked on a series of successful natural-gas operations in which we increased production performance by 40 percent, while reducing cost-per-foot by 44 percent.

Building upon this conspicuous success, we strategically explored additional acquisition opportunities, ultimately increasing our core position to approximately 211,000 net acres.

2017

  • Jon Farmer promoted to President & CEO
  • Mountaineer Keystone becomes Arsenal Resources

2016

  • Consolidated Midstream operations, acquiring 50 percent non-controlling interest in exchange for Parent equity
  • Concurrent with Midstream consolidation, raised approximately $160 million of new equity funding through new and existing investors

2015

  • Further delineated MK core acreage footprint by completing 20 wells and bringing 15 wells to sales
  • November, Dave Wood assumes the title of CEO
  • December, First sales into Stonewall Gas Gathering system pipeline and Transcanada’s TCO-WB pipeline

2014

  • October 14, MK completes acquisition of PDCM
  • July 30, MK signs Purchase and Sale Agreement to acquire the equity interests in PDC Mountaineer LLC for an aggregate purchase price of $500 million
  • July 29, MK signed long-term midstream takeaway deal to support full field development

2013

  • Initial pads in both fields are completed and tested
  • April 28, MK records its first gas sales and revenues
  • A third well in WV, the Mackey-Wolfe 203, is drilled to a TD of 15,398 feet with a completed lateral length of 7,000’ and brought to sales
  • Midstream and water plans for full field development are designed and implementation of each system is initiated

2012

  • Near-term development plan is refined and commodity diversification strategy is initiated
  • Initial position of 15,000 acres prospective for the Utica is identified in Ohio and actioned; leasing program increases position to approximately 28,000 acres by year end
  • First two wells are drilled and completed in the Utica
  • First two wells are drilled in the Marcellus

2011

  • First Reserve partners with MK and provides initial equity commitment
  • Company formed on June 30th, 2011;
  • Title-work with local land group finalized; initial acreage acquisition funded