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21 New Shale Well Permits Issued for PA-OH-WV Nov 28-Dec 4
Last week (Nov. 28-Dec. 4), the number of permits issued to drill new shale wells rose slightly to 21 from the prior week’s 17. The big surprise is why. Pennsylvania only handed out five new permits. Ohio issued even fewer–just three. It was West Virginia with 12 new permits that saved the day.
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Ascent Resources, originally founded as American Energy Partners by gas legend Aubrey McClendon, is a privately-held company that focuses 100% on the Ohio Utica Shale. Ascent is Ohio’s largest natural gas producer (352,000 leased acres) and the 8th largest natural gas producer in the U.S. The company issued its third quarter update yesterday. Ascent averaged production of 2.34 Bcfe/d for the quarter, up significantly from the 1.98 Bcfe/d it averaged in 3Q21 (18% increase). Production was also up from the 1.97 Bcfe/d produced last quarter, 2Q22 (19% increase). Nearly all of Ascent’s production (94%) was natural gas, while the rest was oil and NGLs.