Antero acquires 11,000 acres of Marcellus Shale from Statoil
Monday, October 3, 2016
Antero Resources Corp. purchased over 11,000 acres of the Marcellus Shale play for $96 million from Statoil ASA, according to Oil and Gas Investor.
The mid-September acquisition of roughly 11,5000 net acres with an average working interest of 19 percent, spanning Wentzel, Tyler and Doddridge counties in West Virginia. It also includes interest in the same assets Antero previously bought from Southwestern Energy Co.
Anteroom plans to open another rig, focusing on Tyler County.
Learn more: Oil and Gas Investor > Statoil Wraps up $96 Million Marcellus Sale to Antero
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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.