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Has Ohio’s Shale Oil Dream Faded?

Tuesday, April 16, 2013 by

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According to Bloomberg, drillers that set up rigs in Ohio’s Utica shale are withdrawing from the shale play amid less-than-stellar production reports.

The biggest disappointment isn’t the amount of product being produced, rather, it’s what is being produced. The Utica is producing more natural gas than oil.

Bloomberg reports the three biggest stakeholders in Ohio’s Utica shale, Chesapeake Energy Corp., EnerVest Ltd. and Devon Energy Corp. Are selling leased acreage.

Many drilling companies were hoping to see more oil from the shale play.

Read it: 

“In Ohio’s Utica formation, which runs eastward as far as New York, drillers frequently found the rock too dense and underground pressures insufficient to produce oil.

The rush to buy acreage has reversed.”

» Via: BloombergOhio’s $500 Billion Oil Dream Fades as Utica Turns Gassy

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