Pin Oak closes deal for Utica acreage in Pa.
Tuesday, April 9, 2019
Pin Oak Energy Partners LLC recently closed a deal with SWEPI LP, a Royal Dutch Shell affiliate, to acquire Utica Shale acreage in Northwest Pennsylvania, according to Kallanish Energy.
In the deal, Pin Oak received 43,000 acres in Mercer, Crawford and Venango counties, which includes drilled and completed but not producing horizontal Utica shale wells and undrilled well pads.
The transaction increases Pin Oak’s acreage position across the Appalachian Basin to 167,000 net deep acres with 99% of those being held by production.
Learn more: Kallanish Energy > Pin Oak acquires Utica acreage in NW Pa.
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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.