First Choice Energy

Thursday, August 9, 2012

Company Reports Are Bringing Utica Shale Potential Into Focus

From the Akron Beacon Journal:
Three energy companies are reporting encouraging results from Ohio’s Utica shale.
A fourth company, however, is not sharing the enthusiasm expressed by Gulfport Energy Corp., Chesapeake Energy Corp. and Antero Resources Corp., who are drilling in eastern Ohio.
In an earnings call last week, Devon Energy Corp. spokesman David A. Hager told analysts the results from two wells — in Medina County’s Harrisville Township and Ashland County’s Clear Creek Township — “were not encouraging.”
It appears the geology failed to produce expected results, Hager said.
Devon, an Oklahoma-based company, is continuing to drill a well in Knox County’s Morgan Township and is optimistic those results will be different, spokesman Chip Minty said in a telephone call Wednesday.
“It’s very early on, and we’re moving slowly and methodically,” he said of prospects in the Medina-Ashland-Knox area. “There’s not a lot of information, and we’re learning a lot as we go.”
But the first two wells “did not produce the results we were hoping for,” Minty said.
The three wells are farther to the west than most wells being drilled in Ohio’s Utica shale formation deep underground and are on the northwest edge of its lease holdings, the company said.
Read the rest of the article here.

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