Encino to follow strategy of stable development
Tuesday, April 2, 2019
Encino may have retained Chesapeake’s office and 110 employees; however, it’s committing to a business model of its own, according to the Canton Repository.
Texas-based Encino Energy plans to focus on proven reserves and a healthier balance sheet rather than spending freely to explore new areas and accumulating debt.
Encino Energy, a partner in Encino Acquisitions Partners, bought Chesapeake Energy’s assets in Ohio last year for $2 billion, including an office building office in Louisville, drilling rights to 900,000 acres and more than 900 wells.
Learn more: Canton Repository > Encino Energy shooting for stability in Ohio
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.