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Antero Hits Aquifer in WV, Creates Backyard Geysers

Antero Resources was drilling a natural gas well in the Sardis, WV area (near Clarksburg) when they hit a water aquifer in the area. It resulted in several abandoned nearby water wells to start gushing water, some of it blowing 10 feet or more into the air. But there were no chemicals being used during drilling, it was the initial stages and only water and air were used, and the air is what caused the problem.

Here’s what happened:

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Antero Resources Continues Expansion in the Marcellus

Antero Resources released its first quarter financials and operating results earlier this week. Antero reports their net production of natural gas was up 83 percent when compared to the first quarter of 2011 because of new wells in the Marcellus Shale and the Piceance Basin (Colorado). They also report that the Marcellus Shale is where they will keep their focus with seven drilling rigs and some 233,000 leased acres as compared to two rigs for the Piceance (63,000 acres) and no rigs in the other shale plays where they operate.

The relevant portion of the Antero press release:

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MarkWest Inks Two New Deals to Expand Processing in WV

MarkWest has been in the news a lot lately, signing a raft of new agreements and even buying out a competitor. Last Friday, MarkWest announced they had signed an agreement (terms not disclosed) to expand MarkWest’s processing capacity in the Marcellus Shale to handle more Chesapeake production. The areas covered by the agreement include northern West Virginia (Brooke, Ohio and Marshall counties), and Washington County in Pennsylvania.

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MarkWest Inks Major New Deals with Chesapeake & Antero

MarkWest announced today two major new agreements to provide expanded natural gas processing and pipeline capacity for Chesapeake Energy and Antero Resouces in the Marcellus Shale. The deal with Chesapeake covers Brooke, Ohio and Marshall counties in WV, and Washington County, PA. The deal with Antero covers Doddridge and Harrison counties in WV. The new agreements, which include processing natural gas liquids, mean MarkWest will build new gathering pipelines and add compressor stations to their existing operations.

From the MarkWest press release:

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Antero Sells WV Midstream Operation to Crestwood for $375M

Antero Resources announced yesterday that they have sold their Marcellus Shale midstream gathering system in Harrison and Doddridge counties, WV to Crestwood Holdings for $375 million with a sweetener of an extra $40 million if certain production targets are met in 2012 and 2013.

From the Crestwood/Antero press release:

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Antero Allocates 79% of 2012 Drilling Budget to Marcellus

Antero Resources announced its 2012 capital budget today. Among the plans: 79 percent of the drilling budget is allocated to Marcellus Shale. Antero currently operates six drilling rigs in the Marcellus. They also announced today they are selling a portion of their Marcellus gathering pipeline system to Crestwood Holdings for $375 million in cash.

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Antero Pays Record Rates in Eastern Ohio Utica Lease Deal

prices going higherThe Utica Landowner Group of eastern Ohio has just cut a deal with Antero Resources for what is believed to be the highest amount paid yet for a lease deal: $5,900 per acre for a signing bonus, and 21 percent royalties. The deal covers land in Belmont, Monroe and Noble counties in Ohio.

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Antero Resources Investing an Extra $126 Million in 2011 – Most of it for Marcellus Shale Drilling

The Antero Resources board of directors approved a $126 million increase in the company’s capital budget for 2011. Antero’s revised capital budget for 2011 is $685 million and includes $519 million for drilling and completion, $86 million for the construction of gathering pipelines and facilities and $80 million for leasehold acquisitions. The budget was revised to fund increased drilling in core areas in the Marcellus and Piceance, the expansion of gathering infrastructure in the Marcellus and the acquisition of additional leasehold opportunities in Antero’s core area in the Marcellus. The $126 million increase was allocated 53% to drilling, 35% to gathering pipeline expansion and 12% to leasehold.

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