Pin Oak Energy acquires wells in Utica shale
Wednesday, August 16, 2017
Pin Oak Energy Partners, an Akron, Ohio-based oil and gas producer, has acquired 10 wells in eastern Ohio and northwestern Pennsylvania, along with 7,700 acres of leases, 22 miles of pipeline and an office in Hermitage from an undisclosed seller, according to the Pittsburgh Business Times.
The acquisition includes 10 wells in Mercer, Crawford and Venango counties, as well as three other counties in Ohio with a total production of 2.2 million cubic feet per day. It adds to Pin Oak’s 363 wells which produce 5.6 million cubic feet per day.
Pin Oak did not disclose the purchase price or financial terms of the deal.
Learn more: Pittsburgh Business Times > Pin Oak Energy Partners acquires Utica wells, other 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.
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