The assets of Northeast Energy Management, Inc., a large oil and gas drilling company located in Indiana, Pennsylvania, are being auctioned off by a joint venture comprised of Gordon Brothers and PPL Group, two of the nation’s leading industrial dispositions and investment firms. The online and live auction, by order of the bankruptcy court, will be held Wednesday, September 27 with a preview day on September 26.
Northeast Energy Management, which also operated under the name Northeast Energy, was a leader in tophole drilling in the Marcellus/Utica shale and a preferred contractor for many of the largest oil and natural gas exploration and production companies. Northeast Energy Management also had a second location in Shelocta, PA. Operating since 1986, Northeast Energy Management is estimated to have generated $51.9 million in annual revenues, and employed approximately 120 people. The company filed for voluntary Chapter 11 bankruptcy protection in the Pennsylvania Western Bankruptcy Court in January 2017.
Included in the online and live auction will be two Schramm T200XD 53’ trailer mounted portable drilling rigs with 200,000 lb. hoist capacity, Detroit Diesel engines with TXD Rotodrill pipe handlers, trailer mounted and skid mounted air compressors, boosters, generators, accumulators, trailers and a large variety of tractors, pick-up trucks, construction equipment and other drill site related equipment. A detailed catalog of equipment is available online at www.pplauctions.com. Bidders must register prior to or the day of the auction.
“This is an incredible opportunity to acquire late-model and well-maintained equipment from a leading oil and Gas drilling operation,” said a representative of the joint venture. “In addition to the oil and gas drilling assets, there is a huge assortment of equipment for companies in the construction, trucking, and mining industries.”
The facilities at 2018 South 6th Street, Indiana, PA and at 8789 Route 422, Shelocta, PA, will be open for inspection and viewing on September 26 from 8 am to 4 pm EDT. The theater style auction will be at the Hilton Garden Inn at 714 Pratt Drive, Indiana, PA at 10 am EDT on September 27.