East Resources, Inc., was an oil and gas exploration and production company with a focus on unconventional shale oil and gas resources in the United States.

History

The company was founded in 1983 by

Terrence Pegula Terrence Michael Pegula (born March 27, 1951) is an American billionaire businessman and petroleum engineer. He is the owner of the Buffalo Sabres of the National Hockey League (NHL) and, with a consortium of private equity firms and athletes, th ...

. Based in Cattaraugus County, New York through much of the late 20th century the company specialized in oil. In 2008, the company began focusing on natural gas through hydraulic fracturing. It profited heavily upon discovery of deep layers of natural gas in the Marcellus Formation and development of the

hydraulic fracturing Fracking (also known as hydraulic fracturing, fracing, hydrofracturing, or hydrofracking) is a well stimulation technique involving the fracturing of Formation (geology), formations in bedrock by a pressurized liquid. The process involves the ...

("fracking") recovery process. At the height of the company it was based in

Parkersburg, West Virginia Parkersburg is a city in Wood County, West Virginia, United States, and its county seat. Located at the confluence of the Ohio River, Ohio and Little Kanawha River, Little Kanawha rivers, it is the state's List of municipalities in West Virginia ...

with additional offices in Warrendale, Pennsylvania, Allegany, New York, and

Denver, Colorado Denver ( ) is a List of municipalities in Colorado#Consolidated city and county, consolidated city and county, the List of capitals in the United States, capital and List of municipalities in Colorado, most populous city of the U.S. state of ...

, with

natural gas processing Nature is an inherent character or constitution, particularly of the ecosphere or the universe as a whole. In this general sense nature refers to the laws, elements and phenomena of the physical world, including life. Although humans are part ...

facilities in Northern Pennsylvania. East Resources sold most of its assets to

Royal Dutch Shell Shell plc is a British multinational oil and gas company, headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New ...

in 2010 for $4.7 billion and the rest to American Energy Partners, LP in 2014 for $1.75 billion. Pegula has shifted his focus to sports and entertainment properties, acquiring the

Buffalo Sabres The Buffalo Sabres are a professional ice hockey team based in Buffalo, New York. The Sabres compete in the National Hockey League (NHL) as a member of the Atlantic Division (NHL), Atlantic Division in the Eastern Conference (NHL), Eastern Con ...

in 2011 and the

Buffalo Bills The Buffalo Bills are a professional American football team based in the Buffalo–Niagara Falls metropolitan area. The Bills compete in the National Football League (NFL) as a member of the American Football Conference (AFC) AFC East, East div ...

in 2014.

Today

Pegula continues to own some natural gas assets through other companies, including Greater Rocky Mountain Regional Oil & Gas in Colorado and Wyoming, and JKLM Energy (named after the initials of Pegula's children) in Pennsylvania. The remains of the company are based in

Boca Raton, Florida Boca Raton ( ; ) is a city in Palm Beach County, Florida, United States. The population was 97,422 in the 2020 United States census, 2020 census and it ranked as the 23rd-largest city in Florida in 2022. Many people with a Boca Raton Address, ...

References

Oil companies of the United States Companies established in 1983 Companies based in Cattaraugus County, New York Companies based in Boca Raton, Florida {{petroleum-company-stub

History

Today

See also

References