EQT picks up 59,600 acres in Marcellus Shale
Tuesday, November 8, 2016
EQT Corp. recently spent $683 million to buy 59,600 acres in the Marcellus Shale from Trans Energy and E&P Republic Energy to expand its empire. The bulk of the purchase is composed of 42,600 acres in West Virginia and the remainder is 17,000 acres in Pennsylvania.
According to Oil and Gas Investor, the deals may have been a response to Rice Energy’s recent $2.7 billion acquisition of Vantage Energy LLC in Greene County, Pa.
EQT’s new acreage produces 44 million cubic feet equivalent per day of natural gas and is composed of 42 wells. Of the total, 33 are producing wells. The deal includes about 55,800 undeveloped acres.
In addition to the Marcellus assets, EQT received drilling rights on an estimated 29,000 deep Utica acres.
Learn more: Oil and Gas Investor > EQT Amasses More Marcellus Acreage For $680 Million
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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.