INR IPO Does Better than Expected, Stock Trading Pops 10% Higher
A couple of encouraging signs for Infinity Natural Resources (INR) and its recent initial public offering (IPO). Two weeks ago, we told you that INR had pulled the trigger on its IPO and was offering new shares, targeting to receive somewhere between $18.00 and $21.00 per share (see Infinity Natural Resources Launches IPO, Hopes to Raise ~$250M). We picked the mid-range and said wouldn’t it be great if the company got $250 million (roughly $19/share). Lo and behold, the money that came in was on the high side. The company raised $265 million ($20/share), giving INR a $1.18 billion market capitalization. Not only that… Read More “INR IPO Does Better than Expected, Stock Trading Pops 10% Higher”
For the week of Jan 20 – 26, permits issued in the Marcellus/Utica to drill new shale wells fell off a proverbial cliff. Two weeks ago, 41 new permits were issued. Last week, the number plummeted to just seven new permits issued. Perhaps the most interesting thing about last week’s numbers is that NO new permits were issued in the Keystone State (PA). We believe that’s the first time we’ve seen no new permits in PA. We wonder if there’s a problem with the reporting system (the state DEP’s reporting system is known to occasionally have issues). We’ll check again next week to see if PA’s numbers get updated. Meanwhile, there were four new permits for the Buckeye State (OH) and three for the Mountain State (WV). 
Oil wildcatting is the process of drilling exploratory wells in areas with little to no history of oil and gas production. Wildcatting is a high-risk activity that involves drilling in unproven or fully depleted areas. Wildcat wells are often drilled far from other wells and without the use of well logs or other geological data. Wildcatting can be profitable—or spectacularly unprofitable. A recent Hart Energy article reports that “wildcatting is back.” The very first part of the article focuses on wildcatting that is happening in the Ohio Utica Shale. 
In early October, Infinity Natural Resources (INR), with 90,000 acres in the Marcellus/Utica, filed an IPO with the Securities and Exchange Commission (SEC), hoping to raise $100 million (see 
The Ohio Department of Natural Resources (ODNR) released production numbers for the second quarter of 2024 yesterday. The story the numbers tell continues to be about Utica oil, which continues to rise each quarter. Ohio’s total oil production during 2Q24 was 8.01 million barrels, up 23% from 2Q23’s 6.5 million barrels and up 11% from 1Q24’s 7.2 million barrels. The story of oil in the Buckeye State can’t be told apart from Encino Energy (EAP), which produced nearly half of all the state’s oil during 2Q24. As for natural gas production, it’s no surprise it went down slightly in 2Q24, given the current low price for gas. The state produced 526.6 Bcf in 2Q24, down 3.7% from 2Q23’s 547.0 Bcf, and down 1.4% from this year’s first quarter number of 534.0 Bcf. MDN pulled the numbers from the ODNR quarterly report and produced top 25 lists for both gas and oil wells.
Writing for Hart Energy’s Oil and Gas Investor magazine, author Nissa Darbonne penned a fabulous overview of the Utica, bringing us the history of oil drilling in Ohio (in the 1800s) all the way up to the present day and Encino Energy’s dominance in oil drilling in the Utica. The article includes details about Encino and other companies, including Infinity Natural Resources and EOG Resources. Yesterday, we brought you the story of oil giant EOG joining the Utica party (see