Epic’s joint venture with UIV, Argos Asset Management, has entered into the drilling program to develop certain leases held by Whittle that includes an 11 county area of mutual interest including Wetzel, Tyler, Ritchie and Marshall counties. Argos and Whittle have agreed to jointly develop approximately 12,600 acres pledged to the drilling program by Whittle.
Capital funding for the program will be provided by UIV while Epic provides project management oversight on behalf of Argos. Phase-1 of the development plan includes drilling five vertical wells over the next several quarters.
John Ippolito, president and CEO of Epic, said: “Whittle, a successful family business founded in 1902, brings five generations of regional oil and gas experience to this program.
“This transaction places Epic in a unique position to leverage the company’s broad base of technical and operational services in one of the most active shale plays in the country and provides Argos with strategic entry into the Marcellus shale.”
