OH Frack Sand Co Going Public, Seeks Big $ in IPO
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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On Sunday, August 31 at 5:45 pm, there was an earthquake in the vicinity of Weathersfield (Trumbull County), OH. However, no one felt it. The only way anyone knew there was a quake was because of monitoring by the U.S. Geological Survey. The Ohio Dept. of Natural Resources (ODNR) is investigating whether or not two wastewater injection wells, operated by American Water Management Services (AWMS), was the cause of that low-level quake that no one felt. According to the ODNR, from an “abundance of caution” they asked AWMS to shut down operations at those two wells while they investigate, which has now been done…
Long before the words “Marcellus” and “Utica” entered the public discourse and consciousness of Ohioans, there was the Clinton Sandstone. For years conventional drillers have been sinking wells in the Clinton, which is found 4,500 feet below the surface (the Marcellus and Utica Shale layers are deeper). The Clinton lies under 25 counties in eastern Ohio. Over the years, some 35,000 conventional (vertical) wells have tapped the Clinton Sandstone in Ohio. EnerVest, one of the largest acreage holders in the Utica Shale (and in the Clinton Sandstone), has embarked on a great experiment. What if you turned a Clinton Sandstone well horizontal, like a Utica or Marcellus well? Would it work? Could you get more gas out of the sandstone by fracking it like shale? EnerVest has drilled seven horizontal wells so far, with a permit to drill another and a request to drill a ninth. Here’s the details, along with the differences between a Clinton horizontal well and a Utica horizontal well…