Ascent Resources to acquire Utica shale assets
Thursday, July 7, 2022
Ascent Resources has entered into a purchase and sale agreement with an undisclosed seller to acquire all of its Utica shale assets in Ohio for $270 million, according to Oil & Gas Journal.
The acquisition includes about 26,800 net acres in Ohio’s Utica shale and increases net production by about 60 MMcfed, according to a company release on July 1. Additionally, the deal comes with an inventory of identified drilling locations in both the Utica and Marcellus, which are expected to add high-margin cash flow in the future.
Ascent Resources currently holds about 337,000 net leasehold acres, including about 73,000 mineral acres, in the core of the southern Utica Shale.
Learn more: Oil & Gas Journal > Ascent Resources enters bolt-on acquisition of Utica shale assets
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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.