Energy Companies

Energy Companies | EV Energy Partners | Ohio | Stark County | Utica Shale

EV Energy Strikes Oil & NGLs in Stark County, OH
August 17, 2012August 17, 2012

EV Energy’s Utica well in Stark County, Ohio is producing large quantities of light crude oil in addition to large quantities of natural gas liquids. EV Energy’s CEO, Mark Houser, said their well in Stark looks better in the early results than oil wells in the Eagle Ford basin in Texas. High praise indeed.

Because of what EV and others have found, drilling activity for oil and NGLs is moving to Stark, Tuscarawas, Guernsey and Noble counties.

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Dominion Exploration | Education | Energy Companies | Industrywide Issues | Statewide WV | West Virginia

Two WV Colleges Get $100K Grant from Dominion Foundation
August 17, 2012August 17, 2012

Two West Virginia colleges received $100,000 ($50K each) in grant money from the Dominion Foundation to be used for hands-on oil and natural gas training. WV Gov. Earl Ray Tomblin presented the money in a ceremony on Thursday.

The press release from Gov. Tomblin’s office:

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Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | Litigation | Pennsylvania | Susquehanna County

Dimock, PA Landowners Settle Lawsuit with Cabot
August 15, 2012August 15, 2012

The long nightmare for Cabot Oil & Gas in Dimock, PA is now about over. Recently, the EPA declared the water wells in and around Dimock are clean (see this MDN story). We now have word that all but four families that sued Cabot in an attempt at a big payday will settle—likely for far less than they had hoped to extract, although exact terms of the settlement have not been disclosed.

There are still a few in Dimock who will fight to the bitter end, but that’s what keeps lawyers employed. So what. They’ll drag it on for years and they still won’t get what they want.

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Beaver County | Economic Impact | Energy Companies | Industrywide Issues | NGLs | Pennsylvania | Processing Plants | Shell

Shell Reaffirms PA Cracker Plant Still Planned, Not Certain
August 15, 2012August 15, 2012

As MDN has previously cautioned, although the proposed ethane cracker plant Shell wants to build near Pittsburgh is looking good, it’s still not a foregone conclusion that Monaca, PA will be the location (see this MDN story). That message of caution was reaffirmed by Shell at an industry conference yesterday, as reported by the Youngstown Business Journal:

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Energy Companies | Hydraulic Fracturing | Industrywide Issues | Newfield Exploration | Pennsylvania | Regulation | Wayne County

Newfield Plugs 3 Exploratory Wells in Wayne County, PA
August 14, 2012August 14, 2012

Newfield Exploration is plugging three exploratory wells they drilled in Wayne County, PA in 2010. Why? They won’t comment on what they found in the wells, but the fact is, the Delaware River Basin Commission controls drilling in most of Wayne County and the DRBC has so far not allowed drilling in the Marcellus Shale. They currently have an ongoing review process for new rules to allow drilling, but the sitting members of the Commission have not voted to release the rules.

So to comply with PA Dept. of Environmental Protection rules, Newfield is plugging the wells—at least for now.

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Energy Companies | Lone Pine Resources | Utica Shale

U.S. Driller Sitting on Big Canadian Utica Shale Reserve
August 14, 2012October 2, 2017

The Utica Shale underlies part of the Canadian province of Quebec. But development of the Utica is currently on hold while a government panel studies and reviews the miracle of hydraulic fracturing, just to be sure it’s safe.

In the meantime, drillers like Lone Pine Resources, with leased acreage in Quebec’s Utica Shale, wait. While they’re waiting, they’ve sized up the potential reserves they own in the Utica, and for Lone Pine, it’s big.

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Economic Impact | Energy Companies | HG Energy | Industrywide Issues | Statewide WV | West Virginia

WV Energy Exec Says Marcellus Will Last 100+ Years
August 14, 2012August 14, 2012

David Drennon is marketing and transportation manager with H.G. Energy LLC in Parkersburg, West Virginia. He spoke yesterday at the Parkersburg Rotary Club weekly meeting about development of natural gas from Marcellus Shale deposits and oil from Utica Shale deposits. He offered these observations and predictions about shale development in WV:

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Antero Resources | Energy Companies

Antero 2Q12 Update: More Marcellus/Utica Drilling Ahead
August 13, 2012August 13, 2012

Antero Resource released their 2Q12 financial and operating update this morning. Among the highlights: They’re operating 10 drilling rigs in the Marcellus, all of them in northern West Virginia. They plan to add two more rigs in the near future to the 10 already there. To date, Antero has drilled and completed 88 Marcellus Shale gas wells. They’ve completed two Utica Shale wells in eastern Ohio and are right now drilling a third.

Below are the relevant portions from the update for this very active Marcellus/Utica driller:

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Belmont County | Energy Companies | Gulfport Energy | Lease & Royalty Payments | Ohio

Would Drillers be Interested in a Half Acre? Yep
August 13, 2012August 13, 2012

You may not get rich as a landowner of a small plot of ground by leasing it for gas drilling, but depending on where you live, even if you own just a half acre of land, you may be able to participate in Marcellus or Utica Shale drilling. That’s what happened with Belmont County when they recently discovered the county owns a half acre plot of land they previously didn’t know they owned. Gulfport Energy made them an offer they couldn’t refuse.

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Chesapeake Energy | Encana Energy | Energy Companies

Chesapeake Says They’re in the Crosshairs of Justice Dept.
August 10, 2012August 10, 2012

The Obama Justice Department didn’t waste any time going after Chesapeake Energy after Reuters reported in late June that Chesapeake may have colluded with a competitor, Encana, to keep land lease prices low in Michigan. Just four days after the story broke, the Justice Department served Chesapeake with a subpoena for documents.

Chesapeake acknowledged yesterday they are the target of an ongoing government investigation, an investigation that involves a grand jury and the prospect of indictments.

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Carroll County | Energy Companies | EnerVest | EV Energy Partners | Ohio | Stark County

EV Energy Partners 2Q12 Update: Utica NGLs Now Producing
August 10, 2012August 10, 2012

EV Energy Partners (EVEP) reported their 2Q12 financial results yesterday. EVEP is a master limited partnership controlled by oil & gas company EnerVest. They look for lower risk, long-term oil and gas properties, with investments in a number of oil and gas plays across the U.S., including the Utica and Marcellus. It seems they’re doing a good job. Their 2Q12 profits were up 20% from a year ago—to $66.1 million. Production for the second quarter of 2012 was up 47%—10.7 billion cubic feet of natural gas, 282,000 barrels of oil and 403,000 barrels of natural gas liquids, or 14.8 billion cubic feet equivalent.

The only direct quote in the press release from the CEO was in reference to their activities in the Utica Shale:

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Energy Companies | Gulfport Energy | Rhino Resource Partners | Utica Shale

Rhino Resource Ups Investment in Utica Shale JV
August 9, 2012August 9, 2012

Rhino Resource Partners produces metallurgical and steam coal in a variety of basins throughout the United States. It also owns oil and gas acreage in the Utica and Cana Woodford plays. Rhino previously invested in an 80,000 Utica Shale acre joint venture with Gulfport Energy and Wexford Capital. Rhino’s investment gives them a 10.8% interest. Since that initial investment, Gulfport and Wexford have continued to buy up Utica Shale acreage and now have leases for 125,000 acres (including the original 80,000). The partners have extended an offer to Rhino to get a piece of the bigger action, which Rhino is doing.

From Rhino’s press release announcing a new deal with Wexford:

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Energy Companies | Energy Corporation of America | Greene County (PA) | Pennsylvania

ECA 2Q12 Update: Wells & Pipelines Now Complete
August 9, 2012August 9, 2012

Energy Corporation of America (ECA) and the Trust they use to distribute profit to investors issued their second quarter update yesterday. Among ECA news: They have completed the last of 52 wells as well as completing the expansion of a gathering system expansion project in Greene County, PA. Three of the wells they’ve completed had an initial production of 10 million cubic feet of gas per day (Mmcf/d). All of their projects have been completed well ahead of schedule.

From the ECA update:

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Carrizo Oil & Gas | Energy Companies

Carrizo 2Q12 Update: Marcellus Picks up Slack from Barnett
August 9, 2012August 9, 2012

Carrizo Oil & Gas reported their second quarter earnings and operations on Tuesday. Their statement shows the company’s profit nearly quadrupled because of their focus on oil production. They expect oil production to continue rising.

Carrizo is a driller in the Marcellus Shale, but the Marcellus did not play a big part in their quarterly statement. Here’s the couple of mentions it did get:

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Chesapeake Energy | Energy Companies

Chesapeake Stock Jumps After McClendon Earnings Call
August 8, 2012August 8, 2012

Investors were positively giddy after Chesapeake Energy’s CEO, Aubrey McClendon, said on an earnings call yesterday that the company plans to sell three Permian Basin packages in the third quarter, which he expects to bring in another $7 billion. McClendon’s new expected total haul from asset sales for 2012 is $13-$14 billion. That sent stocks more than 10% higher (up $1.67 to $19.37), making corporate raider Carl Icahn a whole lot richer. Oh sorry! Forgot. We don’t call him a corporate raider nowadays, we euphemistically call him an “activist investor.” Yeah, got my PC hat on now. Won’t slip up again.

But is it all peaches and cream now for Chesapeake?

Read More “Chesapeake Stock Jumps After McClendon Earnings Call”
Ashland County | Devon Energy | Energy Companies | Medina County | Ohio | Utica Shale

Devon Reports Disappointing Results in 2 NW OH Utica Wells
August 8, 2012August 8, 2012

Devon Energy reports “not encouraging” results from two wells in Ohio’s Utica Shale, one in Ashland County, the other in neighboring Medina County—both in the northwestern corner of the Utica Shale in Ohio. Although Devon is not saying whether or not they will drill more wells in that area, they have indicated they will drill more wells to the east.

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