Crypto Co. Eyes Drilling Conventional Gas Well in NC Triassic Basin
Deep River Data, a company with connections to the cryptocurrency industry, wants to drill for natural gas in Lee County, North Carolina. However, production from the well would not be used to power crypto mining, but instead to fuel an AI data center. If approved, the project would be the first commercial well drilled into the Triassic Basin, a natural gas repository underlying North Carolina and other Eastern Seaboard states. The well that is planned is conventional, not shale, so it involves no (or very little) fracking. Read More “Crypto Co. Eyes Drilling Conventional Gas Well in NC Triassic Basin”
North Dakota’s regulatory framework is a model of simplicity. Companies pay a modest $100 fee for drilling permits, compared to $12,500 in Pennsylvania, and typically receive approval in 20 to 30 days. That efficiency has proven pivotal since 2010, when horizontal drilling and hydraulic fracturing significantly expanded the Bakken Formation’s potential for commercial-scale production. Of course, there’s a big difference between PA and ND—companies drill for oil in ND and natural gas in PA. So it’s not like a driller would say, “Screw it, we’ll leave PA and go drill in ND where it’s easier, faster, and cheaper.” However, drillers can/are leaving PA for Ohio and West Virginia, where it’s easier, faster, and cheaper. We bring you this masterclass on how ND makes drilling better, so perhaps, just perhaps, someone at the PA DEP (and the politicians involved in approving permit fees) will wake up and improve the experience in the Keystone State. 
In an announcement issued yesterday, the PJM Interconnection electrical grid forecasts adequate power supplies to meet this winter’s expected conditions, with 180,800 megawatts (MW) of operational capacity available to serve a record-high forecasted peak demand of approximately 145,700 MW. Despite this positive outlook, the grid operator warns that reserve margins are tightening, dropping to 7,500 MW, because electricity demand is growing faster than the addition of new generation. 
NATIONAL: U.S. natural gas extends gains on weather outlook; US becomes first country to export 10 million tonnes of LNG in single month; Climate alarmists question climate exaggeration; Products, fuel, and electricity are the real climate challenges for the future; INTERNATIONAL: Oil holds steady on OPEC+ pause; Adnoc CEO says AI raises energy investment needs to $4T; QatarEnergy, Exxon executives warn of Europe exit over climate law; Study shows oil and gas companies continue to expand. 
The NYMEX futures price for natural gas was a rocket ship over the past two weeks. The NYMEX price closed at $4.1240/MMBtu on Friday, breaking the $4 barrier barely a month after we struggled to break the $3 barrier. In October, the NYMEX front-month contract rose an astounding 82.10 cents per MMBtu, or 25%. In one month! October was the largest one-month gain since August 2022, and the largest one-month percentage gain since February 2025. Zooming out a bit, the NYMEX price was up $1.127 or 38% over the last two months. However, spot prices (at least in the Marcellus/Utica) are more of a mixed bag. 
Pennsylvania’s Attorney General, Dave Sunday, pretends to be a Republican, but he’s really a Democrat. He’s also anti-shale, as evidenced by a wild attack against Seneca Resources launched on Friday. Sunday’s office filed three separate criminal complaints against Seneca, charging the company with 64 counts of criminal violations of the Solid Waste Management Act and 36 counts of criminal violations of the Clean Streams Law. Sunday, like his left-wing predecessors, is turning what should be regulatory enforcement actions into crimes. No wonder some drillers are saying “screw you” to Pennsylvania and moving their drilling operations to West Virginia and Ohio. 
On October 22, Coterra Energy reported a well control incident during fracking the 12H well on the Lauer pad in Susquehanna County to the Pennsylvania Department of Environmental Protection (DEP). A loss of control resulted in the high-pressure release of an unknown quantity of fracking and production fluids, along with natural gas, causing the fluid to “spray” on and off the well pad. Coterra, which was fracking five wells simultaneously, called in Cudd Well Control Services and did not regain control until 49 hours later on October 24, after installing a second bridge plug. 
Capital & Main is a left-leaning news outlet based in California. Capital & Main is about as left as left gets, yet pretends to be a legit news outfit [uncontrolled laughing]. Capital & Main has repeatedly targeted CNX Resources to smear the company and its Radical Transparency initiative. In September, we brought you Capital & Main’s latest hit piece alleging CNX’s operations are polluting and causing ill health for those who live nearby. The article also said CNX’s drilling program is anything but transparent (see 
In April, MDN told you about a new greenfield expansion of Kinder Morgan’s Elba Express pipeline into South Carolina to serve growing demand for natural gas in the state (see 
Last week, the Baker Hughes U.S. national rig count lost rigs after adding rigs for two consecutive prior weeks. The national count dropped four from 550 to 546. Baker Hughes said last week’s decline puts the total rig count down 39 rigs, or 7% below the same time last year. Rigs in the Marcellus/Utica remained the same last week at a combined 37 rigs, the same number for five weeks in a row. Pennsylvania remained unchanged at 17 active rigs. Ohio was the same at 13 rigs. And West Virginia maintained its 7 rigs, which it has operated since May 30. There were 23 rigs targeting the Marcellus and 14 targeting the Utica. 
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On August 17, Eureka Resources’ Williamsport Second Street facility (one of the three plants previously operated by Eureka) leaked some of its stored untreated wastewater, which ended up in the nearby Susquehanna River via a storm drain (see 
Range Resources issued its third quarter 2025 update on Wednesday. Range’s production averaged 2.23 Bcfe/d in 3Q, approximately 69% natural gas. Range used two rigs and drilled ~262,000 lateral feet across 16 wells, while turning to sales ~228,000 lateral feet across 15 wells. 3Q25 drilling and completion expenditures were $165 million. In addition to D&C spending, Range spent approximately $16 million on acreage and $9 million on infrastructure, pneumatic devices, and other investments. CEO Dennis Degner stated during the earnings call that the company remains encouraged by the early activity in Pennsylvania, particularly with gas-fired power generation for data center projects. Degner said he’s convinced more than ever that data centers will create another 2.5 Bcf/d (billion cubic feet per day) of demand for Marcellus/Utica drillers like Range. 
DT Midstream (DTM), headquartered in Detroit, owns significant assets in the Marcellus/Utica region, as well as in other regions, including the Haynesville. The company recently issued its third quarter report with some interesting updates. Among the pipeline projects discussed during the update were Vector, Midwestern Gas Transmission, Millennium, and NEXUS. It was chatter about NEXUS and the AI data center market that caught our interest. 