Marquette Exploration was an upstream oil and gas company focused on unconventional resource plays in several basins throughout North America. Marquette was formed by a seasoned management and technical team that formerly served with Burlington Resources and ConocoPhillips (NYSE: COP) and exhibited a proven track record of discovering and developing significant unconventional resources throughout North America.
Subsequent to formation in September 2006, Marquette identified three underexploited resource plays located in East Ohio, North Louisiana and Michigan and built significant leasehold positions in each play. Over the next several years, Marquette successfully tested and delineated each play in order to establish the resource potential. Marquette ultimately sold its Michigan assets (125,000 acres) in Q2 2010 to an undisclosed buyer for $74 million and, in Q3 2011, Hess Corporation (NYSE: HES) purchased Marquette and other leases in Ohio’s Utica Shale play for $750 million.