Houston-based Alta Resources appears ready to close the book on a company that not so long ago counted the “father of fracking” as an early business partner. Reese Energy Consulting today is following the latest news from Alta that now looks to sell its position in the gas-rich Marcellus for $3 billion. The lucky buyer will receive 537,000 gross and 239,000 net acres, 900 wells across six Pa., counties, and the final chapter in the legacy of Texas billionaire wildcatter George Mitchell. During the 80s and 90s, Mitchell spent nearly 20 years in lesser-known fields testing his hydraulic fracturing processes to unlock oil and gas from embedded shale. He honed his techniques in the Barnett play, pairing horizontal drilling with a cocktail of water, sand, and chemicals under high pressure. The cost was astronomical, his staff thought he was nuts, but Mitchell stayed determined to make fracking commercially viable. And he did—launching the nation’s shale revolution. After selling his company to Devon for $3.1 billion, Mitchell joined Alta in 2001 where he stayed until his passing in 2013. He was 94.
Alta Resources, LLC is a private company headquartered in downtown Houston. Founded in 1999, Alta has been a leader in the exploration for and development of shale oil and gas assets from the Fayetteville Shale in Arkansas and the Marcellus Shale in Pennsylvania to the liquids-rich Duvernay Shale play in the Kaybob area of Alberta, Canada.