PennEnergy Resources, LLC is a Pittsburgh, Pennsylvania based independent oil & gas operating company focused on the acquisition and development of unconventional shale resources in the Appalachian Basin. PennEnergy Resources was founded in 2011 by Richard D. Weber and Gregory D. Muse, energy executives with over 50 years of combined industry experience Fundamental to PennEnergy Resources foundation and growth are our Core Values of Honesty & Integrity, Health & Safety, Environmental Stewardship and building a High Performance team of exceptional employees. Our world-class team of 32 employees has collective industry experience of over 425 years; all with proven skills in developing unconventional resources.
PennEnergy Resources maintains approximately 80,000 acres of oil and gas leasehold in the southwest Pennsylvania counties of Butler, Beaver, and Armstrong. As of July 2016, we were producing 36 Marcellus, Upper Devonian, and Utica Shale wells to sales. PennEnergy Resources is capitalized with $532 million of equity commitments from EnCap Investments, LP and Wells Fargo Energy Capital, two of the leading providers of private equity to independent oil & gas companies, and management. In addition, we have access to a $300 million revolving credit facility led by Wells Fargo, Key Bank, and ABN AMRO.
PennEnergy is committed to being a best in class shale development company that creates value for our investors, stakeholders, employees and landowners through the safe and environmentally responsible development of unconventional resources.
At PennEnergy, we focus on acquiring contiguous acreage positions in the proven areas of the Marcellus, Upper Devonian, and Utica Shale and converting these oil and gas interests into producing wells and proven reserves. Our foundation is built upon our experienced team, which has a proven track record of successful unconventional shale development.
We strive to be a partner of choice with landowners, operators, suppliers and regulatory authorities through our unwavering commitment to responsible and ethical business conduct, safe operations, environmental stewardship and by implementing industry best operating practices. We believe that adhering to our core values allows us to achieve optimum performance while creating trusted and lasting relationships within the industry, as well as throughout our community.