Going all the way back to 2012, MDN has chronicled, from time to time, the myriad press releases issued by a small driller headquartered in Denver called 1st NRG Corp. They’ve been saying since that time that they really really really really want to drill in the Utica Shale–on a small 7,000 acre leasehold they own (see our stories about 1st NRG here). Ever hear of the boy who cried wolf? Eventually they did participate in drilling a Utica well, in 2014 (see 1st NRG Begins Pushing Dirt on First Utica Well Pad). That was the last time we wrote about 1st NRG–until today. Turns out the well they drilled, which was supposed to be a horizontal Utica “test” well, turned into a vertical Beekmantown Dolomite well. But 1st NRG hasn’t given up. In a “corporate update 2016” press release issued yesterday, the company said “these are exciting times” for the company, and that they are on a “growth trajectory for 2017.” What has the company so jazzed? They expect that Dolomite well to get hooked up to production in January. Although they still love the Utica, the company will focus on the reviving activity in the Clabaugh Ranch field in Wyoming in 1Q17 (coal bed methane, not shale drilling). Finally, the company is working on the purchase of a 364-mile natural gas gathering pipeline system, which they “hope” to close in 1Q17. The company cagily does not identify where the gathering system is located. Here’s the recent update from 1st NRG, along with a slightly older announcement about the pipeline gathering system they “hope” to buy… Continue reading
Going all the way back to 2012, MDN has chronicled, from time to time, the myriad press releases issued by a small driller headquartered in Denver called 1st NRG Corp. They’ve been saying since that time that they really really really really want to drill in the Utica Shale–on a small 7,000 acre leasehold they own (see our stories about 1st NRG here). Ever hear of the boy who cried wolf? Eventually the wolf does show up, but no one believes the boy. So, believe it or not, it appears the bulldozers are finally pushing the dirt around on 1st NRG’s very first Utica Shale well pad in Ohio–for a well that 1st NRG will own a 20% stake in… Continue reading
1st NRG Corporation has been saying since October 2012 they want to drill in the Utica Shale, if only they could get a little investor love (see 1st NRG Corp Newest Entrant in OH Utica Shale). At one point they got a $7 million loan to drill in the Utica and other plays. The Utica part never materialized. But 1st NRG is back with a another press release hawking Utica drilling… Continue reading
Something MDN finds amusing. Every now and again 1st NRG, a Denver-based exploration & production or “drilling” company pokes it’s head up and issues a press release to say in essence, “We’re still here, we still have 7,000 acres of leases in the Utica Shale, and we really really really really are gonna drill that acreage. Soon. Someday. As soon as we get the money. Really soon now.” We’ve chronicled this trawling-for-investors-by-press-release routine since October 2012 (see 1st NRG category on MDN for our previous stories).
Here’s the latest $99 press release that declares 1st NRG’s undying love for the Utica, along with their undying love for Wyoming’s Powder River Basin: Continue reading
It’s November and has been eight long months since the last press release–so it must be time for another. Lookie here, we have one! This time, however, there’s been a change. 1st NRG says they have “signed an agreement with a private energy company to participate in the development of prospective acreage.” That still isn’t “we’re drilling our first well,” but we guess it’s a half step closer. Here’s the latest press release that’s short on details and long on puffery and descriptions of the Utica… Continue reading
1st NRG Corp. is one of the newer “players” in the Ohio Utica Shale. MDN previously pointed out their press statements seem to be heavy on fluff and light on specifics for how and when they’ll begin drilling (see 1st NRG Corp Gets $7M Loan to Begin Drilling in Utica, Other Plays). They issued a press release last week almost identical to the one from last November. Instead of saying we’re about to finalize an agreement for the Utica, they changed it to say we have finalized an agreement for the Utica. Again, no further specifics, other than they have their hand out looking for money (i.e. investors).
Here’s the latest slightly-tweaked and re-worked version of their previous press release:
The Ohio Utica Shale’s newest entrant, 1st NRG Corporation, previously announced they would drill on 7,150 acres of the Utica Shale in eastern Ohio (see this MDN story). Yesterday they announced they have secured a $7 million loan which will help finance the drilling.
1st NRG’s announcement is, frankly, a lot of fluff aimed at reassuring investors. It’s big on broad descriptions of the shale plays where they plan to drill, but absent details about how and when that drilling will take place. Here’s the 1st NRG announcement:
1st NRG Corporation pushed out a press release saying they’ve entered into a “letter of intent” to develop 7,150 Utica Shale acres in eastern Ohio, although the release does not identify which company the agreement was made with nor which county the acreage is located in. The news here is that there’s a new driller entering the Utica Shale region. It’s a small stake in the play so far—we’ll see what develops.