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Gastar Proved Reserves Up 43% – 3/4 of it in the Marcellus
Gastar Exploration, a major driller in the Marcellus/Utica, posted a mid-year update on their proved (and unproved) reserves yesterday. When you lump all hydrocarbons together–natural gas, oil and condensate and natural gas liquids (NGLs)–Gastar’s estimated proved reserves totaled 78.0 million barrels of oil equivalent (BOE) as of June 30th. That’s up an eye-popping 43% over the same time last year. Where is all that gas coming from? Three-fourths of it is in the Marcellus/Utica, and one-fourth is in the Mississippi Lime/Woodford Shale in Oklahoma…
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The seven Pennsylvania townships that sued and ultimately won the right to gut the Act 13 law over zoning regulations (Robinson, Nockamixon, South Fayette, Peters, Cecil, Mount Pleasant, and the Borough of Yardley) don’t want drilling in their townships, but they sure love the money that comes from drilling. In addition to gutting the zoning provisions in the Act 13 law, the towns bridled when the Public Utility Commission (PUC), acting in accordance with the Act 13 law, withheld money from four of the seven towns for their anti-drilling ordinances that violate state oil and gas drilling law. Yesterday the court said the PUC couldn’t do that anymore–further gutting Act 13. However, three other outstanding issues about Act 13 were decided in favor of the drilling industry, including the so-called doctor “gag rule”…