South Jersey Industries
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Folsom, New Jerawy-based South Jersey Industries (SJI) operates a utility company, South Jersey Gas. It is a wholly-owed subsidiary of the former company.
According to an October, 2008 report, the company's Asset Management and Marketing division maintains a shallow well program in Western Pennsylvania. It also has a 30% ownership stake in drilling rights on 21,000 acres of Marcellus shale in that area.
According to a December, 2008 report South Jersey announced that Potato Creek, LLC had entered into an agreement with an experienced natural gas company to develop its acreage. The company owns a minority interest in Potato Creek.
A news account appeared in February, 2010 that shed considerable light on South Jersey's activities. Apparently, its stake in the 21,000 western Pennsylvania leasehold had been originally purchased for $2 million in 2008. It's later joint venture partner in the deal was St. Mary Land & Exploration Company which purchased its share from South Jersey in exchange for a $7.5 million signing bonus. South Jersey continued to own 30% and St. Mary thereafter owned 70% of the rights to the acreage. The latter was to be the operator. The partners had already drilled and completed two wells on the property located in McKean County, PA that were planned to go online to sales during the second quarter of 2010. They also planned to drill two additional wells before year-end.
- Edward J. Graham is South Jersey's CEO.
- Stephen Clark is Treasurer.