Last week Sumitomo Corp. announced it has divested its 30% stake in a joint venture in the Marcellus Shale in western Pennsylvania, according to Kallanish Energy.
Through subsidiary Summit Discovery Resources LLC, Sumitomo had acquired the 30% stake in Rex Energy’s Marcellus operations in Butler County, Pennsylvania, for $150.7 million in 2010. However, it had written down much of the value of that purchase in 2015 and Rex Energy went bankrupt in 2018.
PennEnergy Resources now owns and operates the remaining 70% stake in the joint venture. The new owner and the sale price were not disclosed in last week’s announcement.
Learn more: Kallanish Energy > Sumitomo divests 30% stake in Marcellus JV
This post appeared first on Shale Gas Reporter.