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Monday, August 19, 2013

Each Utica Shale Well is a Multi-Million Dollar Risk

From The Times-Reporter:
I rode with David Hill, president of David R. Hill Inc. of Byesville, who has the lease on the property and is a business partner of PDC. 
“It’s a multimillion-dollar endeavor to drill a well, and there’s no guarantee we’re going to get any return on our money,” he explained as he drove to the site. He told of two instances in eastern Ohio where a well had to be drilled three times before it began to produce natural gas. 
He said drilling a well is a risky endeavor. “It’s not for the faint of heart.” 
Energy companies are still determining the exact boundaries of the Utica Shale play in eastern Ohio, but they are being assisted by research and geology. 
“Companies are able to take what they’ve learned in other basins, such as North Dakota, and apply it to Ohio geology,” Hill said. “They’re still defining the boundaries of this play. We won’t have that figured out for another two or four years.”
Read the entire article here.

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