Ascent Resources increases foothold in Utica
Friday, April 5, 2019
Ascent Resources achieved record daily production in December 2018, producing roughly 2.4 billion cubic feet equivalent per day (Bcfe/d) gross and 1.9 Bcfe/d net, according to Kallanish Energy.
Ascent and its subsidiaries also increased proved natural gas, oil and natural gas liquids reserves to roughly 7.6 trillion cubic feet equivalent (Tcfe) with a PV-10 value at Securities and Exchange Commission pricing of about $6 billion, at Jan. 31.
Additionally, the company plans to spud between 90 and 100 gross wells, complete 100 to 110 gross wells and bring online 120 to 130 gross operated wells in the Utica Shale in eastern Ohio by the midpoint of this year’s capital plan.
Learn more: Kallanish Energy > Ascent Resources becoming bigger Utica player
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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.