Carrizo’s 2013 Plans: Drill in Marcellus, Buy Acreage in Utica
Carrizo Oil & Gas announced their 2013 spending plans today. Drilling activities will see a $500 million investment by Carrizo, with $70 million of that allocated to drilling in the Marcellus Shale. Also, Carrizo announced that yesterday they closed on an option to pick up more acreage from Avista Capital in the Ohio Utica Shale for $63 million.
The Utica deal means Carrizo now owns 14,000 net acres located in Guernsey, Noble and Tuscarawas counties in Ohio—although they’ve not allocated money to drill in the Utica for 2013.
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The Utica Landowner Group of eastern Ohio has just cut a deal with Antero Resources for what is believed to be the highest amount paid yet for a lease deal: $5,900 per acre for a signing bonus, and 21 percent royalties. The deal covers land in Belmont, Monroe and Noble counties in Ohio.