Spectra’s OPEN Ohio Pipeline on Track to be Done by End of 2015
Spectra Energy announced a new natural gas pipeline in Ohio called the Ohio Pipeline Energy Network, or OPEN, way back in December 2011. OPEN is an interesting project because it will build 76 miles of new pipeline running through Belmont, Columbiana, Carroll, Jefferson and Monroe counties that will connect to the Texas Eastern Pipeline, and then reverses the flow on the Texas Eastern to carry Marcellus and Utica Shale gas from eastern Ohio to the Gulf Coast. The Texas Eastern will become a bi-directional pipeline, sometimes bringing gas north from the Gulf, other times sending it to the south to the Gulf. Spectra filed their official application with the Federal Energy Regulatory Commission (FERC) in February 2014 (see Spectra Energy Files Formal Request with FERC for OPEN Pipeline). FERC granted its blessing in December 2014 (see FERC Approves OPEN Pipeline in Eastern OH, Gas Goes to Gulf Coast). Since that time, a few Ohio Landowners filed a lawsuit asking an Ohio court to stop the OPEN pipeline from claiming eminent domain (see OH Landowners ask Court to Stop OPEN Pipeline Eminent Domain). Apparently nothing has come from that lawsuit because OPEN is getting built, right on schedule with plans to be completed by the end of this year…
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We have major news coming from Aubrey McClendon’s American Energy Partners (AEP). A lot of news. So buckle in. First we’ll tell you the news, then we’ll give you our take on that news–what it means. In brief, the news coming from AEP HQ in Oklahoma City is this: (1) AEP’s Marcellus/Utica AEP subsidiary, American Energy Appalachia Holdings, has been spun out into a 100% standalone company and has changed its name to Ascent Resources; (2) the CEO of Ascent is the same guy who was the CEO of American Energy Appalachia Holdings–trusted McClendon lieutenant Jeffrey A. Fisher; (3) Ascent has cut a deal with Gulfport Energy to sell 35,000 prime Utica Shale acres for $407 million; and (4) Ascent has just sold shares in the company and taken out new loans for $977 million, giving them $700 million in cash after they pay off certain other loans. Whew! Here’s the details, along with a little news of our own about AEP…
Yesterday the Ohio Dept. of Natural Resources (ODNR) released their first quarter production numbers for both oil and natural gas (see our companion story today). Below are details for the top 6 natural gas producing wells, and the top 6 oil producing wells in the state. Rice Energy and Antero Resources split the top 6 natural gas wells with three apiece. Of note, Rice’s wells took the top 3 slots. Aubrey McClendon’s American Energy drilled the most top oil wells (4 of the top 6), followed by one apiece for Antero Resources and PDC Energy…
MDN picked up on a bit of news we had not previously heard about. Rice Midstream, the newly formed subsidiary of Rice Energy launched in December (see