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Our
Mission:
MegaEnergy is an independent oil and gas company
focused on natural gas exploration and development in the
Appalachian Basin. We have exploration and development projects
in New York, Pennsylvania and West Virginia. Our management has
an extensive track record with expertise in oil and gas
exploration and finance.
Our
strategy is to maximize stockholder and royalty owner value by
using our management team's experience in finding and developing
oil and gas in the Appalachian Basin, primarily through the
drill bit.
Company
Profile:
We began operations in February 2000. Since our
inception, we have assembled a property base in four
high-potential plays in the Appalachian Basin. Our focus is
primarily on the Marcellus Shale, and secondarily on deeper
drilling targets, including the Oriskany Sandstone, the
Tuscarora Sandstone, and the Utica Shale. We currently have
eight ready-to-drill Marcellus development projects and four
deep exploration drilling projects and hold 50,000 net
undeveloped leasehold acres.
For 2009 and 2010, we estimate that our capital
expenditures will be approximately $12 million to participate in
drilling 10 wells across our exploration and development
projects and to pursue other exploration activities and
infrastructure projects. The majority of the capital expenditure
in 2009 and 2010 will be for Marcellus drilling projects in New
York and Pennsylvania. We spent $24 million to participate in
drilling 25 wells and other activities from our inception to
December 31, 2008.
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