Quantum Energy Partners and Tug Hill Inc. have announced the formation of a partnership (THQ) to engage in the acquisition, development and exploitation of conventional and unconventional oil and gas assets in certain North American basins. The partnership will be supported by an initial $450 million equity commitment from Quantum and Tug Hill.
Michael G. Radler founded Tug Hill in 2007 and serves as its president and CEO. In 2007, Tug Hill partnered with Chief Oil & Gas and collectively built a land position in excess of 600,000 acres in the Marcellus Shale. Radler served as the interim COO at Chief from 2009 to 2012 as the two companies developed and monetized portions of their Marcellus Shale acreage. Tug Hill has participated in over 750 Marcellus shale wells to date and plans to continue to participate in the drilling and development of its Marcellus assets. Tug Hill will continue to manage its existing Marcellus and legacy properties outside of the partnership.
Tug Hill is based in Fort Worth, Texas and QEP is based in Houston.
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