Epic announced its entry into a drilling and development agreement with Whittle to drill Marcellus Shale wells in northwest West Virginia. ARGOS Asset Management, Epic's joint venture with UIV LLC ("UIV"), has entered into a Drilling Program with Whittle Corporation to develop certain leases held by Whittle which includes an 11 county area of mutual interest ("AMI") 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 Drilling Program will be provided by UIV while Epic provides project management oversight on behalf of ARGOS. Phase-1 of the development plan includes drilling 5 vertical wells over the next several quarters.
"Whittle, a successful family business founded in 1902, brings five generations of regional oil and gas experience to this program," commented John Ippolito, President and CEO of Epic. "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."
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