Ascent Resources to acquire Utica assets
Monday, July 9, 2018
Ascent Resources has signed definitive agreements to acquire Utica Shale oil and natural gas properties, with a price tag of $1.5 billion, according to the Youngstown Business Journal.
The acquisition includes 113,400 net leasehold acres and royalty interests on approximately 69,400 fee mineral acres, spanning the dry gas, wet gas, and oil windows in the over-pressured core of the Utica shale play. It also involves the acquisition of 93 operated wells and net production of approximately 216 million cubic feet of natural gas per day, 19 percent of which are liquids.
The deal encompasses holdings from Hess Corp., CNX Resources, Utica Minerals Development, and a fourth undisclosed seller. The deals are expected to close in the third quarter.
Learn more: Youngstown Business Journal > Ascent Resources strengthens position in Utica
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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.