Eclipse Resources closes $63.8M Utica sale
Wednesday, December 28, 2016
Eclipse Resources announced the $63.8 million sale last week, unloading about 9,900 acres in eastern Noble and western Monroe counties to an undisclosed buyer, according to Kallanish Energy.
The Utica shale acreage was predominantly undeveloped, including a net production of roughly 1 million cubic feet-equivalent per day.
Proceeds from the sale will be used for general corporate purposes and to fund the producers’s operations.
Learn more: Kallanish Energy > Eclipse closes $63.8 million Utica/Ohio asset sale
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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.