S.T.L. Resources LLC Announces Execution of a Partnership With UGI Energy Services LLC
WESTFIELD, Penn., August 8, 2018 (Newswire.com) - S.T.L. Resources LLC ("S.T.L."), an independent oil and gas company focused on Appalachian Basin assets, announced it recently closed on a strategic partnership with an affiliate of UGI Energy Services LLC (“UGIES”). UGIES owns and operates a variety of midstream natural gas assets that support the delivery of natural gas to end-users in the Mid-Atlantic region and will assist in infrastructure development, transport and marketing of S.T.L.’s production generated from a portion of their Clinton County, Pennsylvania, acreage. S.T.L. controls 100 percent of the working interest and will be the operator of record on all new wells drilled on the acreage that govern the partnership between S.T.L. and UGIES. Terms of the transaction were not disclosed.
By aligning itself with one of the premier operators of midstream assets in the Appalachian Basin, S.T.L. will continue to execute on its strategy of partnering with seasoned basin participants in order to take advantage of unrecognized or underdeveloped upstream acquisition and development opportunities in Appalachia. William Dressel, founder and managing partner of S.T.L., commented, "Partnering with UGIES will allow the S.T.L. team to focus on projects that exploit our long-standing belief that ‘local’ knowledge of the geological, engineering, transportation and land challenges facing upstream teams in the basin will further position us to take advantage of the abundant and untapped reserves here. This is an exciting time to be an enterprise focused on Appalachian Basin assets since we can creatively structure partnerships and transactions that allow us to attract a variety of capital and stakeholders. Since we announced our original acquisition in 2017, we have continued to add assets, investors and talent to our already-deep bench of Appalachian-focused executives. We will evaluate acquisition opportunities that take advantage of our team’s collective skill set and continue to invest in personnel and projects that enable us to provide attractive risk-adjusted returns for all of our stakeholders."
Partnering with UGIES will allow the S.T.L. team to focus on projects that exploit our long-standing belief that 'local' knowledge of the geological, engineering, transportation and land challenges facing upstream teams in the basin will further position us to take advantage of the abundant and untapped reserves here.
William Dressel, Founder and Managing Partner
About S.T.L. Resources LLC
S.T.L. Resources LLC is an independent oil and gas company with headquarters in Pennsylvania. S.T.L.'s business strategy is to pursue the leasing, acquisition, exploration and development of oil and gas properties in the Marcellus and Utica shale plays in Appalachia by leveraging a highly talented team of experienced oil and gas professionals who have all built their careers in the Appalachian Basin. The S.T.L. team has developed over 5 Tcf of gas reserves and in the Appalachian Basin, participated in the drilling of over 2,000 unconventional wells and the leasing and management of over 500,000 acres.
FOR FURTHER INFORMATION ON THE PARTNERSHIP DESCRIBED ABOVE OR NEW BUSINESS DEVELOPMENT ENQUIRIES, PLEASE CONTACT:
William Dressel
Founder & Managing Partner
wdressel@stlresources.com
Brian Van der Waag
Chief Financial Officer
bvanderwaag@stlresources.com
Source: S.T.L. Resources LLC