First Choice Energy

Wednesday, October 17, 2012

Despite Recent Asset Sales by Other Companies, BP Confirms Commitment to Trumbull County

From Business Journal Daily:
BP says that the company is committed to its position in Trumbull County for the long-term, and expects to start drilling its first well in April, its spokesman says.
"We're still very optimistic about this play," said Curtis Thomas. "We will be drilling in April and we hope that the rocks show us some very good things for this area."
Thomas emphasized BP is keeping to its strategy of developing acreage it holds in Trumbull County, just as other energy companies are pulling out and repositioning their assets to potentially more lucrative areas of the state.
On Monday, Carrizo Oil & Gas of Houston announced it sold for $43 million 19,000 acres of leasehold positions in Trumbull County, as well as Mercer and Crawford counties in Pennsylvania. The company said it wanted to use the money to acquire a bigger position in the southeast portion of the state, where other companies have experienced productive returns on their gas wells.
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