Utica Shale Creates 550 Millionaires
Wednesday, December 4, 2013
Ohio’s Utica shale has created approximately 550 millionaires in Carroll County, according to OSU Extension Education Chris Penrose, in an interview with the Morgan County Herald.
Penrose also said that Harrison County, Ohio’s second most drilled county after Carroll, has about 80 new millionaires.
During a phone call with the Shale Gas Reporter, Penrose stated that his numbers came from M3 Midstream (Momentum).
Momentum is currently in a partnership with Chesapeake Energy to develop midstream services throughout Ohio’s Utica shale region.
» Via: Morgan County Herald » First Horizontal Utica shale permits granted
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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.