Utica Shale Still on Investor’s Minds
Monday, August 5, 2013
Though the Utica shale is now in the less-glamorous midstream phase of development, investors still have the shale play on their minds, according to the Salem News.
During Chesapeake Energy’s second-quarter earnings call on Thursday, the Utica shale was mentioned several times by company officials and by curious investors.
Chesapeake is very invested in Ohio’s Columbiana and Carroll counties.
Read it:
“Chesapeake owns the drilling rights to the majority of Utica Shale oil and gas leases in Columbiana and Carroll counties, and to a large region in eastern Ohio.
It currently has 79 of the 81 permitted, drilled or producing wells in Columbiana County. Hillcorp Energy and SWEPI (Shell LP) have rights to the other two.”
When asked a question about the Utica, Chesapeake’s Chief Operating Officer, Steve Dixon, responded by saying the shale is “gassier” than expected, but it was “performing well.”
Read the rest of the story at the Salem News.
» Via: The Salem News › Utica Shale Play remains part of investor focus
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
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.