Utica Well Capped due to ‘Disappointing’ Output
Monday, January 21, 2013
According to Mount Vernon News, Devon Energy has ‘abandoned’ a shale well outside of Utica, Ohio. The well site has been capped and restored to its former condition, if not better.
Read it:
“He [Tim Hartley, senior communications specialist with Devon] said the reports from Devon’s wells in the western sections of the Utica Shale —including the Kirkpatrick Road site and a drill site in Ashland County — were “disappointing.” Producing natural gas and natural gas liquids, the sites failed to produce crude oil which is more profitable in today’s economy.”
Much of the well’s closing has to do with the very low price of natural gas, according to Hartley.
This story coincides with a recent story about how the Utica shale may not be as widespread as previously thought.
» Via: Mount Vernon News › Output ‘dissapointing‘ from Utica well
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.