By Tim - http://oilshalegas.com
Rex Energy (REXX) has come out and updated investors on their Utica Shale Acreage located in Carroll County, Ohio. Mineral Rights land leasing has ramped up in Ohio due to the potential for a huge oil discovery in the region. Price Per acre is surging over $3,500 in the sweet spots.
http://oilshalegas.com/uticashale.html
Rex Energy has acquired the rights to lease approximately 11,000 net acres in Carroll County, Ohio (subject to title review) where the company intends to conduct exploratory operations for oil and natural gas within the Utica Shale. The company is continuing to lease acreage in this area and is planning its first well in 2012. The company expects to pay approximately $40 million or an average of $3,600 per acre.
For additional information on the Warrior Prospect, please visit the company's website at www.rexenergy.com and refer to the updated corporate presentation.
Wednesday, August 3, 2011
Tuesday, August 2, 2011
Chevron (CVX) Utica Shale - Oil & Gas Update
By Tim - http://oilshalegas.com
Chevron Corporation (NYSE:CVX) recently updated investors on It's Utica Shale prospective acreage. Chevron (CVX) has a large position in the Utica Shale but has not started drilling yet.
Evan Calio - Morgan Stanley
Okay. And a second question for George and maybe more pointed than Paul's. I mean, clearly, excitement's been building on the Utica shale opportunity. And then something that's a bit of a focus this morning with Chesapeake's release and conference call. I know and I believe Chevron has 600,000 acres that you disclosed that has Utica oil shale exposure. But you didn't call that out in Slide 17. Maybe you could discuss how you're thinking about activity there and play potential into 2012?
George Kirkland
Okay. Well, let me first say we believe it's a little bit too soon to conclude on the potential of the Utica. We've got a good acreage position in the Utica from the Atlas acquisition. We're going to do what we do everywhere in the world. We're going to evaluate that. And the only the way we can evaluate it is we're going to have to drill some wells and test performance. So it's something for the future, but it's, like you say, too early at this point in time to, I think, hype it.
The Utica Shale holds both Oil & Natural Gas and extends down from Canada into the states of New York, Pennsylvania, Ohio, and West Virginia. Chesapeake Energy (CHK) recently announced a major oil discovery in the Utica Shale Field and is excited about the prospects in Ohio. Could Utica Shale be as big as the Eagle Ford Shale? Only time will tell!
http://oilshalegas.com/uticashale.html
Chevron Corporation (NYSE:CVX) recently updated investors on It's Utica Shale prospective acreage. Chevron (CVX) has a large position in the Utica Shale but has not started drilling yet.
Evan Calio - Morgan Stanley
Okay. And a second question for George and maybe more pointed than Paul's. I mean, clearly, excitement's been building on the Utica shale opportunity. And then something that's a bit of a focus this morning with Chesapeake's release and conference call. I know and I believe Chevron has 600,000 acres that you disclosed that has Utica oil shale exposure. But you didn't call that out in Slide 17. Maybe you could discuss how you're thinking about activity there and play potential into 2012?
George Kirkland
Okay. Well, let me first say we believe it's a little bit too soon to conclude on the potential of the Utica. We've got a good acreage position in the Utica from the Atlas acquisition. We're going to do what we do everywhere in the world. We're going to evaluate that. And the only the way we can evaluate it is we're going to have to drill some wells and test performance. So it's something for the future, but it's, like you say, too early at this point in time to, I think, hype it.
The Utica Shale holds both Oil & Natural Gas and extends down from Canada into the states of New York, Pennsylvania, Ohio, and West Virginia. Chesapeake Energy (CHK) recently announced a major oil discovery in the Utica Shale Field and is excited about the prospects in Ohio. Could Utica Shale be as big as the Eagle Ford Shale? Only time will tell!
http://oilshalegas.com/uticashale.html
Monday, August 1, 2011
Utica Shale - Ohio Oil Field
By Tim - http://oilshalegas.com
Utica Shale minerals rights are heating up after Chesapeake Energy (CHK) came out with news about estimates related to their acreage position. Drilling for oil in the Utica Shale Ohio area is set to ramp up towards the end of 2011 and into 2012.
Chesapeake Announces a Major New Liquids-Rich Discovery in the Utica Shale in Eastern Ohio
Having achieved successful results from recent drilling activities in eastern Ohio, Chesapeake is announcing the discovery of a major new liquids-rich play in the Utica Shale. Based on its proprietary geoscientific, petrophysical and engineering research during the past two years and the results of six horizontal and nine vertical wells it has drilled, Chesapeake believes that its industry-leading 1.25 million net leasehold acres in the Utica Shale play could be worth $15 - $20 billion in increased value to the company. Chesapeake’s dataset on the Utica Shale includes approximately 2,000 well logs, full-suite petrophysical data on approximately 200 wells, 3,200 feet of proprietary core samples from nine wells and production results from three wells. As a result of its analysis, the company believes the Utica Shale will be characterized by a western oil phase, a central wet gas phase and an eastern dry gas phase and is likely most analogous, but economically superior to, the Eagle Ford Shale in South Texas.
Chesapeake is currently drilling in the Utica Shale with five operated rigs to further evaluate and develop its leasehold and anticipates increasing its rig count to eight by the end of 2011 and reaching at least a range of 16-20 rigs by year-end 2012. Also, the company believes that its leasehold position in the Utica Shale will support a drilling effort of at least 40 rigs by year-end 2014. Chesapeake is currently conducting a competitive process to monetize a portion of its Utica Shale leasehold position, which will be through an industry joint venture process or through a number of other monetization alternatives. The company anticipates completing a Utica Shale transaction in the 2011 fourth quarter.
See Also:
http://oilshalegas.com/uticashale.html
http://oilshalegas.com/eaglefordshale.html
http://oilshalegas.com/bakkenshale.html
Utica Shale minerals rights are heating up after Chesapeake Energy (CHK) came out with news about estimates related to their acreage position. Drilling for oil in the Utica Shale Ohio area is set to ramp up towards the end of 2011 and into 2012.
Chesapeake Announces a Major New Liquids-Rich Discovery in the Utica Shale in Eastern Ohio
Having achieved successful results from recent drilling activities in eastern Ohio, Chesapeake is announcing the discovery of a major new liquids-rich play in the Utica Shale. Based on its proprietary geoscientific, petrophysical and engineering research during the past two years and the results of six horizontal and nine vertical wells it has drilled, Chesapeake believes that its industry-leading 1.25 million net leasehold acres in the Utica Shale play could be worth $15 - $20 billion in increased value to the company. Chesapeake’s dataset on the Utica Shale includes approximately 2,000 well logs, full-suite petrophysical data on approximately 200 wells, 3,200 feet of proprietary core samples from nine wells and production results from three wells. As a result of its analysis, the company believes the Utica Shale will be characterized by a western oil phase, a central wet gas phase and an eastern dry gas phase and is likely most analogous, but economically superior to, the Eagle Ford Shale in South Texas.
Chesapeake is currently drilling in the Utica Shale with five operated rigs to further evaluate and develop its leasehold and anticipates increasing its rig count to eight by the end of 2011 and reaching at least a range of 16-20 rigs by year-end 2012. Also, the company believes that its leasehold position in the Utica Shale will support a drilling effort of at least 40 rigs by year-end 2014. Chesapeake is currently conducting a competitive process to monetize a portion of its Utica Shale leasehold position, which will be through an industry joint venture process or through a number of other monetization alternatives. The company anticipates completing a Utica Shale transaction in the 2011 fourth quarter.
See Also:
http://oilshalegas.com/uticashale.html
http://oilshalegas.com/eaglefordshale.html
http://oilshalegas.com/bakkenshale.html
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