Rex Energy to partner with New York-based credit manager for new wells in Ohio, Pennsylvania
Tuesday, March 8, 2016
Akron Beacon Journal reports that Rex Energy Corp. will partner with an affiliate of Benefit Street Partners LLC, to explore and develop the Utica and Marcellus shale in Ohio and Pennsylvania.
The joint venture will develop 58 new wells in Ohio and Pennsylvania, and it will allow Rex Energy to complete 15 additional wells this year. Specifically, the joint venture will develop 6,300 acres in Carroll County Ohio’s Warrior North Area and 42,000 acres in Pennsylvania’s Butler County.
In eastern Ohio, Rex Energy has drilled 37 Utica wells.
Read more: Akron Beacon Journal > Rex Energy announces $175 million joint venture in Utica, Marcellus shales
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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.