BRECKSVILLE, Ohio - (Business Wire) AB Resources, a rapidly growing oil and gas exploration and development company, has announced an agreement with Caiman Eastern Midstream, LLC (Caiman) to build and operate midstream pipelines and facilities within AB Resources’ prime acreage in the Marcellus Fairway. The Marcellus Shale is a gas-productive formation spread across Pennsylvania and West Virginia and has become the premier natural gas play in the entire Appalachian Basin. AB Resources holds a commanding acreage position in key areas of the Marcellus Shale play and other potentially productive horizons throughout the Appalachian Basin. Under the terms of the agreement, Caiman will design, construct, and install the pipeline and processing facilities. AB Resources will have rights to up to 60,000 MMBTU per day of firm capacity with the capability to move significantly larger overall volumes on the 30+ mile gathering system. Caiman will be installing temporary processing facilities to be operational upon the initial flow from the gathering system by the end of this year. The permanent 120 MMcfd Cryogenic Processing plant is expected to be operational by the fourth quarter in 2010.
“We are delighted to announce the partnership we have formed with Caiman,” said Gordon O. Yonel, CEO of AB Resources. “The agreement leverages the abilities of our in-house midstream engineering group led by David L. Ishmael, Director of Midstream Operations. David has done an outstanding job engineering our business relationship with Caiman. We look forward to expediting the delivery of natural gas from many of our most productive horizontal wells.”
AB Resources is a fast growing privately-held company actively engaged in natural gas and oil exploration, development, and production in the Appalachian Basin and elsewhere. The company’s prime Marcellus Shale and Upper Devonian acreage in Pennsylvania and West Virginia has the potential for over 3,000 well locations. AB Resources currently owns over 700 wells throughout Ohio, Pennsylvania and West Virginia, 550 of which are producing. The company’s strategic direction is to aggressively exploit its Marcellus Shale acreage throughout the Appalachian Basin in the next several years.
Of important note is the fact that AB Resources is dedicated to preserving the natural beauty of land and environment, while it continues to engage in safe oil and gas exploration and production. Their motto, “We care about your property!” is well-deserved and truly represents AB Resources’ commitment to the highest standards of industrial safety and environmental consciousness, while also providing professional integrity and customer service incomparable in scope and volume.
Gordon O. Yonel, CEO and founder of AB Resources, is a recognized leader in building energy companies and creating significant shareholder value for investors.
To learn more about oil and gas exploration and development, Marcellus Shale and about AB Resources, please visit the company website at www.abresourcesllc.com. CEO Gordon O. Yonel is available for questions.
AB Resources
Gordon O. Yonel, CEO
6802 W. Snowville Rd., Ste E
Brecksville, OH 44141
440-922-1099
gyonel@abresourcesllc.com
