Rex Energy keeps drilling Utica wells despite first quarter loss
Saturday, May 14, 2016
During the first quarter of 2016 in Carroll County, Rex Energy drilled two wells, fracked one well and put four wells in production, even though the company posted a loss of $62.2 million during the three month period.
The Repository reports that Rex intends to choke back wells in the coming months as low commodity prices persist.
In the past four years, Rex has drilled 37 Utica shale wells in Ohio. The company is part of a joint-venture agreement with Benefit Street Partners that will allow it to continue developing its Utica acreage in Carroll County.
Read more: The Repository > Despite $62.2M loss, Rex Energy still drills in Carroll County
Related: Rex Energy to partner with New York-based credit manager for new wells in Ohio, Pennsylvania – March 8, 2016
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
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.