Monday, February 20, 2012

Utica Shale - Devon Energy (DVN)

By Tim -

Utica Shale News - Devon Energy (DVN) provides an update on the Utica Shale located in Ohio.

In the Ohio Utica, Devon and Sinopec have assembled 235,000 net acres in the play. We just TD-ed our first horizontal well, the first of 15 horizontal wells that we expect to drill here this year. While we are still in the early stages of evaluating these plays, we have seen positive subsurface data and encouraging rate indications in several of them. By the end of 2012, we expect to have drilled approximately 125 wells in aggregate across these 5 plays, giving us a much better understanding of the potential of these positions.