Westmoreland is targeting future acquisitions in West Virginia and Pennsylvania that are primarily gas, operated and conventional or unconventional with established long life, low decline production profiles. The Company is pursuing acquisition sizes of $5 million to $50 million.
Westmoreland is privately owned by Mike Shaver and Brian Akins with no other equity owners. Because of the Company’s concentrated ownership, Westmoreland can move quickly with no outside approvals needed. Between the founders liquidity and support from Cross First Bank, the Company’s lender, Westmoreland has sound financial backing.
The Company plans to build its position through acquisitions, leveraging existing infrastructure.