Companies across the U.S. are spending millions to put off or terminate drilling contracts in lieu of low commodity prices.
Avondale Acquisitions Corp. is described as a “blank check” company.
Word of the Week
Paid up Lease
Delay rentals are paid in advance with the bonus consideration for the lease’s entire term.
Currently, the Ohio Department of Natural Resources is the only entity in the state to permit and regulate shale oil and gas wells.
Compressor stations will also be built in Jackson, Morgan and Tuscarawas counties in Ohio.
The well, drilled in late April, produced a record 43.4 million equivalent cubic feet per day in its first 24-hours of production.
Bot Marcellus and Utica shale production are up, compared to production rates from the first quarter of 2014.
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