Thursday, November 8, 2012

Rex Energy & Gulfport Energy Both Happy with Utica Shale Results

From the Akron Beacon Journal:
Gulfport Energy Corp. is so pleased with its first dozen Utica shale wells in eastern Ohio that the Oklahoma-based energy company is prepared to spend up to $225 million next year to drill 50 additional wells.
Ohio’s liquid-rich Utica shale is “a once-in-a-lifetime play ... and a company changer,” Gulfport CEO James Palm said in a teleconference Wednesday on the firm’s third-quarter earnings.
Two other drilling companies, Rex Energy and Devon Energy, also released third-quarter earnings reports and discussed their Utica shale projects Wednesday.
Gulfport, Palm said, is making the Utica shale its primary focus and the center of its drilling operations.
“We will be a Utica-focused company,” he said.
The company, he said, is “pleasantly surprised” by the production results from the company’s first wells in Harrison, Belmont and Guernsey counties. They are producing equal amounts of oil, natural gas liquids and natural gas, he said.
Read the rest of this article here.

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