Pin Oak Energy Partners Shops 22,000 Ohio Utica Acres
Pin Oak Energy Partners, a relatively young Marcellus/Utica driller based in Akron, OH (privately owned), has hired Detring Energy Advisors to market some of the company’s Utica Shale assets. The assets include 22,000 acres in Harrison and Tuscarawas counties, Ohio. According to the company’s website, Pin Oak owns some 317,000 net acres with some 207,000 “net deep acres” with Utica/Point Pleasant and Marcellus potential. Pin Oak owns and operates over 3,300 producing wells–most of them conventional, some shale.
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Last week Pennsylvania issued 14 new shale well permits, with EQT Corp. grabbing eight (seven of them on a single pad in Fayette County), and Coterra Energy (formerly Cabot Oil & Gas) receiving three (all on the same pad in Susquehanna County). Ohio issued ten new permits last week, with three going to a relative newcomer, Utica Resource Operating (same pad in Guernsey Count) and three for Encino Energy (same pad in Harrison County). West Virginia got skunked and shows no new shale permits issued last week. Pity.
Last week 18 permits were issued to drill new shale wells in the Marcellus/Utica, down from 24 the week before. Pennsylvania had the most new permits with 12, mostly in the northeastern part of the state in Lycoming and Susquehanna counties. Ohio had four permits evenly divided between Columbiana and Harrison counties. West Virginia had just two lonely permits, one in Lewis and one in Wetzel counties.
Economists are still analyzing the impact of the coronavirus pandemic from 2020, let alone assessing impacts from 2021. Cleveland State University researchers have run the numbers and have discovered something interesting. Of Ohio’s 88 counties, only 18 grew their economies in 2020. Of those 18, two counties stood head and shoulders above the rest for increases in economic activity. Both counties have something in common: Utica Shale drilling.
A healthy number of permits were issued to drill new shale wells across the Marcellus/Utica region last week. Pennsylvania issued 19 new permits in both southwest and northeast PA. Ohio issued 8 new permits, all of them to a single driller (Ascent Resources) for two well pads in two different counties. West Virginia issued 9 new permits–all but 2 of them were issued to Antero Resources in Tyler County.
In February 2020, Pennsylvania Dept. of Environmental Protection (DEP) Secretary Pat McDonnell sent a letter to the federal Pipeline and Hazardous Materials Safety Administration (PHMSA). McDonnell’s letter alleges Shell’s 97-mile, two-legged Falcon pipeline system that will carry ethane to the mighty Shell cracker plant now under construction in Beaver County, PA, “may have been conÂstructed with deÂfecÂtive corÂroÂsion coatÂing proÂtecÂtion.” It’s an explosive charge just coming to light now, more than a year later.