Oxford Oil Company Purchased By Eclipse Resources
Thursday, June 27, 2013
STATE COLLEGE, Pa. — Eclipse Resources announced today that it has acquired The Oxford Oil Company, LLC, with approximately 184,000 net acres in Ohio.
Prior to the acquisition, Eclipse Resources owned approximately 41,000 net acres in Belmont, Guernsey, Monroe and Noble Counties in Ohio.
With the acquisition of Oxford, Eclipse Resources now owns approximately 90,000 net acres in these core Utica Shale counties, as well as in Harrison County, Ohio.
About Eclipse Resources
Eclipse Resources is a State College, Pennsylvania, based oil and gas company focused on the acquisition, exploration and development of unconventional oil and natural gas properties in the Appalachian Basin, including the Utica Shale and Marcellus Shale. The company was founded in 2011.
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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.