Gastar, Stone Energy Jump on the Utica/WV Bandwagon
Gastar has traditionally concentrated on Marcellus Shale drilling in the northern panhandle of West Virginia. However, Gastar is currently drilling its first Utica Shale well in WV--in Marshall County. Based on results from others who have tried the Utica in WV, they believe they'll have a winner.
It's not cheap to drill the Utica in WV. The Utica/Point Pleasant formation sits two miles down. It typically costs $7 million to drill a Marcellus well in WV's northern panhandle area--but a Utica well will cost them something like 3x that amount. And Gastar is still tickled pink and believe they're going to make boatloads of money on it...
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