Encino closes Chesapeake deal, eyes growth
Tuesday, November 13, 2018
Just as Encino Acquisition Partners closed its deal to assume all of Chesapeake Energy’s Utica shale holdings, it started eyeing growth, according to the Times Reporter.
The deal closed Nov. 5. Encino paid $2 billion for the drilling rights to more than 900,000 acres, 920 operated and non-operated wells and related property and equipment within the Utica Shale. Chesapeake’s field office in Stark County, Ohio, and the 109 employees who work there were included in the deal.
“The Utica is our most important asset,” said Encino Energy President and Chief Executive Hardy Murchison. “It’s by far our largest and it’s our focus for the foreseeable future. We see decades of drilling ahead of us there and we see it as being profitable across a wide range of oil and gas price outlooks. This is our focus.”
Encino plans to drill wells in the Utica Shale for decades to come.
Learn more: Times Reporter > Encino Acquisition Partners staying in Louisville, eyeing growth
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A friend sent this article…is there any truth to it?
Cabot Oil & Gas plans to drill more exploratory wells in northeast and north-central Ohio, adding to the three it has already drilled, before the end of the year, according to Kallanish Energy.
Although it is unclear where the company will drill its fourth and fifth wells, its interested in the Knox formation in Ashland, Richland, Holmes, Wayne and Knox counties at the western edge of Ohio’s Utica Shale. That formation is below the Utica and is north and west of Ohio’s main Utica drilling area. Future exploration may include Utica formation in Geauga and Ashtabula Counties.
The company’s three drilled wells are located in Green, Vermilion and Mohican townships in Ashland County.