A natural gas production company is settling its financial troubles nearly two years after a pipeline explosion in Beaver County sent the Canonsburg oil and gas firm EdgeMarc Energy into desperate financial straits.
The company was forced into Chapter 11 bankruptcy in May after suffering financial losses from a 2018 explosion at a pipeline construction site, according to court records.
The pipeline, which goes through Butler County, was part of the Revolution system being constructed by ETC Northeast Pipeline LLC, a subsidiary of Energy Transfer Partners. The pipeline was the sole means for EdgeMarc to transfer its oil and gas methane gas from Butler County to a site in Washington County, according to documentation on the project that the company made available to investors during its development.
On Friday, a bankruptcy court in Delaware approved a deal for a sale of EdgeMarc's assets, including selling its Butler County assets for $1 million to ETC. That company will enter into a new pipeline agreement for the Butler assets with Cleveland-based KeyBank. The court approval allows EdgeMarc to move forward with its bankruptcy. Neither KeyBank nor ETC returned a request for comment.
This is an excerpt from a larger article that will appear in Tuesday's Butler Eagle. Subscribe online or in print to read the full article.