Halcon CEO Says No More S***** Wells in Northern OH Utica
Drillers are still figuring out the Utica Shale–the best places to drill, and the best places to not drill. Sometimes the “don’t drill here” lessons are tough because each well drilled costs a lot of money ($8 million or more, typically). On an analyst call Tuesday to discuss third quarter results, Halcon Resources Corp. CEO Floyd Wilson used some salty language to describe where they don’t intend to do more Utica drilling, which is in northern Trumbull County, OH. Instead, he said they’ll concentrate their efforts on the southern part of the county where they have more leased acreage that he believes will yield a better result.
Here’s a small portion of the phone transcript where Wilson talks about the Utica and where he definitely won’t be drilling again:
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Investor’s website Market Realist ran a 7-part series on the Utica Shale yesterday–really good stuff. As part of that series they list the biggest drillers/leaseholders in the Ohio Utica Shale. It’s a very useful rundown and update on the latest positions held by the major players of the Utica. We’ve pulled and condensed from their article to give you the latest rundown on who’s who in the Ohio Utica Shale…
Halcón Resources Corporation, increasingly an important driller in the Utica Shale, released their second quarter update yesterday. Halcón CEO Floyd Wilson also held a conference call for analysts. On that call, Wilson boasted about Halcón’s Utica Shale program–in particular the Kibler 1H well in Trumbull County which has been producing 2,233 barrels of oil equivalent per day–75% of it liquids. Halcón, which concentrates its drilling in “oily” plays like the Bakken and Utica, is currently operating 2 drilling rigs in Ohio/Pennsylvania. They’ve drilled nine Utica wells and are now evaluating the results. Halcón has 142,000 acres leased in the Utica Shale (primarily in Ohio).