Potential New OH Utica Driller First Drills Conventional Oil Well

A very small independent oil and gas company headquartered in Denver, CO, Hinto Energy (market cap of $5.4 million), issued a press release today to say they’ve drilled a shallow, conventional oil well in the Berea Sandstone of Ohio. A conventional driller targeting shallow rock layers is typically not something that catches our attention. The thing that does catch our attention is that Hinto is also eyeing other rock layers for the leases they own in Ohio–including the Utica Shale. Hinto has not previously drilled any horizontal shale wells, from what we can tell. It appears they didn’t even drill this conventional Ohio Berea well as their announcement states they will maintain a “75% non-operated interest” (i.e. ownership) in the well. Non-operated means they didn’t do the drilling. While this isn’t big news by any stretch, it is notable that yet another E&P is sniffing around the Ohio Utica…

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