Magnum Hunter to sell Tyler County, West Virginia acreage
Monday, June 1, 2015
Magnum Hunter Resources Corp. is poised to sell thousands of acres of land in the Utica Shale, starting with 5,210 leased acres in Tyler County, West Virginia.
Columbus Business First reports that the Tyler County land was not in the company’s drilling plans for the long run. Magnum Hunter is selling about $41 million of undeveloped acreage.
The Houston-based company has 210,000 acres under lease in eastern Ohio and West Virginia and wants to sell $450 million of its Ohio acreage.
Via: Columbus Business First > Magnum Hunter selling $41M of Utica shale land
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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.