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Monday, August 27, 2012

Harrison County's Wagner Well Outperforms the Buell Well, Becomes New Utica Shale Top Dog

We've actually reported on the staggering results reported by Gulfport Energy for the second quarter already, but a new article from The Marion Star summarizes well just how impressive the production of the Wagner 1-28H well in Harrison County is:
The Utica Shale continues to surprise - in most cases pleasantly - the megafirms that flocked to Ohio to tap into the formation. 
Publicly traded companies, including some of the biggest names in energy, updated investors this month on what happened from April through June. Among those disclosures is that the championship belt for the state's most-generous well has changed hands. 
Gulfport Energy's Wagner 1-28H well in Harrison County shows potential to produce 14 million cubic feet of dry natural gas and 1,881 barrels of natural gas liquids (after processing), along with 432 barrels of oil, according to company estimates. 
When measurements are compared and variances are equalized, those numbers are 54 percent higher than the initial production from Ohio's best known Utica Shale well, Chesapeake Energy's Buell well, which is less than 20 miles northeast of the Wagner well. 
"This (is) the alpha dog well of the play to date," Tim Rezvan, senior energy analyst at the investment firm Sterne Agee, told CentralOhio.com in an email.
Read the rest of the article here.

With another Harrison County well producing big-time results, one has to wonder how much of an impact the legal wrangling that is going on in that county is having on the amount of development occurring there.  At the last count, Carroll County had 96 more permits issued than Harrison.

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