First Choice Energy

Wednesday, August 15, 2012

Early Stark County Well Results Stoke Excitement Over Utica Shale Potential

From the Akron Beacon Journal:
An energy company chief executive is touting a Stark County well’s early oil production, saying it rivals highly publicized wells in Texas.
The Frank well, off state Route 619 in Marlboro Township, is producing 515 barrels of energy equivalents a day — and with a desirable high liquid content and little natural gas, Mark Houser, chief executive of Texas-based EV Energy Partners LP, said in a company report to industry analysts.
He said 40 percent of the equivalents are in light crude oil and 40 percent are in natural gas liquids, including ethane and propane. Low prices for natural gas have resulted in energy companies turning more attention to oil and gas liquids that can produce more revenue.
EV Energy Partners is “cautiously very encouraged” by the oil results from the Marlboro well, Houser said.
“We’re starting to see the evidence of real oil wells,” he said. “The reservoir is flowing oil in commercial quantities.”
Based on the early results from Marlboro Township, drilling in eastern Ohio’s Utica shale formation might surpass the much-touted Eagle Ford shale in Texas, Houser said.
Read the rest of the article here.

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