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44 New Shale Well Permits Issued for PA-OH-WV Feb 7-13
Last week the number of new shale permits issued for the three M-U states more than doubled from the previous week. Four weeks ago there were 61 new shale drilling permits issued in Pennsylvania, Ohio, and West Virginia. Three weeks ago that number fell to 33. Two weeks ago the permit number fell again, to just 20. Last week? The number bounced back up to 44 new permits. PA issued 24 new permits, OH issued 18 permits, and WV issued 2 new permits.
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Holy smokes! What just happened? For months (and months and months) the cumulative number of weekly permits issued to drill new shale wells in the Marcellus/Utica has fluctuated from the low teens to perhaps 30 total on the upper end. Last week, from Jan. 17-23, an amazing 61 permits were issued to drill new shale wells. Double the usual. Wow! Pennsylvania issued 24 new permits, Ohio issued 9, and blow-the-doors-off-we’ve-never-seen-so-many-permits-issued-in-one-week for West Virginia, the Mountain State issued 28 new shale permits.
Everyone loves a “top x” list, right? We sure do. Hart Energy, publisher of must-have industry magazines including E&P (Exploration & Production), and Oil and Gas Investor, recently published a special publication called 
A reporter with the New Philadelphia (OH) Times Reporter recently chatted with both Mike Chadsey, director of public relations for the Ohio Oil and Gas Association (OOGA), and with MDN friend Jackie Stewart, director of external affairs for Encino Energy. The topic? What’s happening right now in the Ohio Utica Shale, and what do they see coming in the near future for shale energy in the Buckeye State. We’d sum it up by saying the industry is cautiously optimistic.
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 and the 8th largest natural gas producer in the U.S. The company issued its third quarter 2021 update yesterday. The company produced 1.98 billion cubic feet equivalent per day (Bcfe/d) during 3Q–nearly all of it, 1.83 MMcf/d–was natural gas, the rest was oil and NGLs. Ascent generated $28 million of free cash flow, but like other M-U drillers, hedging bets on derivatives resulted in a huge loss of $1.3 billion for the quarter.