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 208,000 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
