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

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

Belmont County, OH: Marcellus Shale Update

By Andrea: http://oilshalegas.com

Consol Energy Inc. (CNX) recently release an update on the Marcellus Shale in Greene County, Pennsylvania:

Consol Energy Inc. (CNX), the leading diversified fuel producer in the Appalachian Basin, reported total coal production of 14.7 million tons for the quarter ended September 30, 2010. Included in the total was 1.3 million tons of low-vol coal produced by the company's Buchanan Mine.

CONSOL's Gas Division achieved record quarterly production of 35.8 Bcf for the quarter ended September 30, 2010. This was 44% higher than the 24.8 Bcf produced in last year's September quarter, and 12% higher than the 31.9 Bcf produced in the quarter ended June 30, 2010.

The Gas Division began the quarter with one horizontal rig running in Greene County, Pennsylvania and ended the quarter with three horizontal rigs operating. The original horizontal rig left its base in Greene County, in order to drill in nearby Belmont County, Ohio. Beginning at a depth of 8,450 feet, the rig encountered 200 feet of Utica Shale. The vertical well, un-stimulated, flowed 1.5 MMCF of gas in a 24-hour period.

CONSOL Energy has over 70,000 acres in and around the discovery well in Belmont County. "While most of our delineation efforts are focused on the Marcellus Shale," commented J. Brett Harvey, Chairman and CEO, "our vast acreage holdings include other zones that warrant testing, including the Utica Shale. As a result of this discovery, we will shift some of our exploration capital to this shale in 2011."

For more shale updates, visit: http://blackberrystocks.blogspot.com

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Mineral Rights: Marcellus Shale Update- Columbiana County, OH

By Andrea: http://oilshalegas.com

Between May 1 and July 31, 208 Mineral Rights leases have been obtained in Columbiana, County Ohio. This could mean the Marcellus Shale trend has extended into Ohio. Columbiana County is 1 of 10 counties in Ohio where Marcellus Shale is found. County Recorder, Craig Brown finds the surge a sudden dramatic change for the local land title companies:

"What we're seeing is not one guy coming in with one or two people, but we're seeing a dozen or 20 people coming in. It's kind of like a siege mentality that these people have right now ... Last week we had 28 people downstairs, and we only have four computers, so everybody's jockeying for position," he said.

Brown belives that the influx in interest in Ohio Marcellus Shale is trickling over from New York where a drilling Moratorium was recently imposed, forcing drillers to move elsewhere.

Read Full Story here: http://www.reviewonline.com/page/content.detail/id/529542.html?nav=5008

For more shale updates visit: http://blackberrystocks.blogspot.com

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Marcellus Shale: Biggest Natural Gas Field in the USA?

Move over Haynesville Shale, there is a news report out today quoting a Penn State Geoscientist saying that the Marcellus Shale could be 7 times larger then originally thought. This would leave the Marcellus Shale natural gas field holding over 350 trillion cubic feet of natural gas. This would be huge for Pennsylvania, New York, West Virginia, and Ohio.

Production on the Marcellus gas field, or "play," is considered to be in the early stages, but the sheer size of it is drawing heavy interest from the exploration industry.

Here is the full article - http://www.newsday.com/news/local/wire/newyork/ny-bc-ny--shalegas-potentia1103nov03,0,6515825.story

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Huron Shale - Companies Drilling in Shale

The Huron Shale is located in Ohio, West Virginia, and Kentucky. Companies have been drilling in this area and finding quite a bit of natural gas. Here is a list of companies currently exploring the Lower Huron Shale. http://www.oilshalegas.com/huronshale.html