Alta Resources adds to its portfolio in Marcellus Shale
Wednesday, January 18, 2017
Alta Resources recently purchased 14.3 percent interest in a Marcellus Shale project in Pennsylvania from Mitsui E&P USA for $207 million, according to Kallanish Energy.
Mitsui’s share of daily production before the sale was roughly 300 million cubic feet per day or about 50,000 barrels of oil-equivalent per day.
The sale makes up about 20 percent — 70 million cubic feet per day — of Mitsui E&P USA’s total production in toe Marcellus Shale.
Mitsui is partnered with Anadarko in Pennsylvania’s Lycoming, Clinton and Centre counties, while Alta recently acquired Anadarko’s Marcellus assets in Pennsylvania for $1.24 billion.
Learn more: Kallanish Energy > Alta Resources acquires more acreage in Pa.’s Marcells
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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.