Here’s a story that until now, has flown under our radar. The Akron, Ohio City Council has given initial approval for a deal that will allow shale drilling under (not on) 475 acres of public land located at the La Due Reservoir. The full City Council will vote on Jan. 25 to approve (or not) the deal. We have particulars for how much the city will get in a signing bonus and royalties…
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A Pittsburgh-area investment company with a conventional oil and gas drilling division has decided the time is right to enter the unconventional (shale) drilling game. Bryan Investment Group, which operates Discovery Oil & Gas, LLC, is tapping its investors on the shoulder looking for $25 million to begin drilling in the Clinton/Medina sandstone layer–a rock layer that sits between the Marcellus Shale above it (Devonian group), and the Utica Shale below it (Ordovician group). According to president and general managing partner Richard Bryan, targeting the spaces between good wells drilled in the past is “painstaking work,” but it’s their specialty/niche. Bryan Investment intends to drill new Clinton/Medina wells in “the land between” in a four-county area of northeastern Ohio…
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An Ohio-based frack sand company, Fairmount Santrol (formerly Fairmount Minerals), recently announced their intention to go public and sell shares of stock. Flying under the legal name FMSA Holdings, the company is headquartered in Chesterland (Geauga County), OH, in the northeastern corner of the state. Fairmount Santrol was founded in 1986 and last year reported $1.2 billion in revenue (or $1.6 billion, depending on the source you use) and $114 million in net income. How much money do they hope to raise?…
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A group of business and political leaders from northeastern Ohio have crafted and are now marketing a plan to bring midstream infrastructure to the Mahoning Valley. A new report written and distributed by this committed group, titled “Mahoning Valley Midstream” (full copy embedded below) points out that currently there are no wet natural gas gathering lines in Trumbull, Mahoning, Geauga, Portage, or Ashtabula counties. This enterprising group has an ingenious plan to remedy that situation: repurpose abandoned or partially used rail lines, as well as use a web of strategic, divided (limited access) highways that converge on the closed “rust belt” steel mills.
They even have a site picked out for an ethane cracker plant…
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