East Resources, Inc., was an

oil and gas exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology. Exploration methods Vis ...

and production company with a focus on unconventional

shale oil Shale oil is an unconventional oil produced from oil shale rock fragments by pyrolysis, hydrogenation, or thermal dissolution. These processes convert the organic matter within the rock (kerogen) into synthetic oil and gas. The resulting oil c ...

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 Pegula Sports and Entertainment which owns the Buffalo Sabres of the National Hockey League (NHL) and, with his wife ...

. 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 The Marcellus Formation or the Marcellus Shale is a Middle Devonian age unit of sedimentary rock found in eastern North America. Named for a distinctive outcrop near the village of Marcellus, New York, in the United States, it extends throughou ...

and development of the hydraulic fracturing ("fracking") recovery process. At the height of the company it was based in Parkersburg, West Virginia with additional offices in

Warrendale, Pennsylvania Warrendale is a northern suburb of Pittsburgh, Pennsylvania, United States. It is located in the northwestern corner of Allegheny County. It is the home to the corporate headquarters of rue21, Joy Mining Machinery, Printing Industries of America ...

, Allegany, New York, and

Denver, Colorado Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unit ...

, with natural gas processing 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 Yo ...

in 2010 for $4.7 billion and the rest to

American Energy Partners, LP American Energy Partners, LP, also known as AELP, was an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company managed affiliates responsible for natural shale gas and oil production and exploration in th ...

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 in the Eastern Conference. The team was established in 1970, along w ...

in 2011 and the Buffalo Bills 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.

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