Consol sells $77M in eastern Ohio oil and gas assets
Tuesday, May 16, 2017
In the previous quarter, Consol sold off three oil and natural gas assets worth $108 million to put itself on track to reach a previously announced goal, according to the Pittsburgh Business Times.
The company set a goal of between $400 and $600 million in asset sales. Its recent activity puts it on pace to be halfway to the high end of the target by the end of the second quarter.
Two of Consol’s recent deals were for natural gas assets. They included about 6,300 undeveloped acres in Jefferson, Belmont and Guernsey counties in Ohio. The acreage was sold for $77 million to an undisclosed buyer.
Learn more: Pittsburgh Business Times > Consol sells off $108M in 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.