PA-Based Company Trying to Raise Money for Horizontal Drilling in Ohio
From the Pittsburgh Business Times:
Bryan Investment Group is raising a $25 million fund, largest in its 45-year history.
The Canonsburg-based family business plans to use the capital to drill wells, but the reason its goal for Bryan Energy LP increased 10-fold is because it is branching into more expensive horizontal wells, President and General Managing Partner Richard Bryan said.
“It costs more to drill horizontally, but that’s the way wells are being done these days,” Bryan said. “The dynamics have changed.”
Bryan Investment has developed and managed more than 600 natural gas and oil wells, located in Pennsylvania, Ohio, Kentucky and Wyoming, since 1971. It initially raised money for other drillers, “bigger players like Atlas,” he said. But about 10 years ago, it decided to open its own drilling company.Continue reading by clicking here.
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