EVEP’s Utica PR Offensive: Good Oil Pressure, Low Drilling Costs
Yesterday, MDN told you about EV Energy Partners/EnverVest’s (EVEP) mission to sell at least some of the 539,000 acres of Utica Shale leases they hold in Ohio (see EV Energy Partners Deal to Sell 104K Utica Acres Dead, What Now?). As part of the investor update call with EVEP on Tuesday, company chairman John Walker went on a PR offensive by saying drillers are watching how much oil will be produced by a well in Tuscarawas County (where EVEP is trying to unload acreage), and by saying the cost to drill a Utica well has come down, by up to 50%, from what it was when drillers first started in the Utica just a few years ago.
Walker’s comments from Tuesday:
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At the recent winter meeting of the Ohio Oil and Gas Association, OOGA presented the DeBrosse Memorial Report: 2012 Oil and Gas Activity in Ohio. Chock-full of interesting charts and maps showing who drilled wells in Ohio, where they drilled them and how far (distance) the wells were drilled, the report (full copy embedded below) is a must-read if you have an interest in the Utica Shale.
Yesterday morning the new acting CEO of Chesapeake Energy, Steve Dixon, delivered his first investors talk as CEO. One of the primary parts of that talk—indeed we would say the centerpiece—were remarks about the Utica Shale and its importance for Chesapeake as they move forward. According to Dixon, Chesapeake’s production in the Utica for 2012 will show lower numbers than otherwise possible because of lack of pipelines and processing plants. Dixon says that will soon change, and so too will their production numbers.