Pegula eventually sold the Pennsylvania, New York, and Rocky Mountain assets of the company to Royal Dutch Shell for approximately $4.7 billion. It profited heavily upon discovery of deep layers of natural gas in the Marcellus Formation and development of the hydraulic fracturing ("fracking") recovery process. Oil and gas development Īfter working for a time for Getty Oil and Felmont Oil Co., Pegula founded East Resources a natural gas drilling company, with $7,500 from family and friends in 1983. Beginning in 1985, he was based in Allegany, New York. From there he attended college at Penn State University where he earned a Bachelor of Science degree in petroleum and natural gas engineering. He attended high school at Scranton Preparatory School. His mother hails from Montreal, Quebec, Canada. His father worked in truck driving and coal mining. Pegula was born in Carbondale, Pennsylvania. Amassing his fortune via investments in fracking, Pegula has interests in natural gas development, real estate, entertainment, and professional sports. He is also the president of both franchises. He is the owner of the Buffalo Sabres of the National Hockey League (NHL) and, with his wife Kim Pegula, the Buffalo Bills of the National Football League (NFL). Terrence Michael Pegula (born March 27, 1951) is an American billionaire businessman and petroleum engineer.
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