The Company also previously announced an agreement for the development of prospective acreage in SE Ohio particularly seeking Utica Shale potential on an initial block of acreage of approximately 7,000 acres. The Utica shale play continues to grow. The State of Ohio has issued over 1,000 permits for horizontal drilling in the Utica since 2009, and 551 of those permits were issued in 2013. The Company will not operate, but will be carried in the initial vertical test well and participate in future development with a 20% working interest. Currently due diligence is being completed on the leasehold along with the drilling plan for the test well. The Company expects the test well to be drilled in Q1 2014.Read the rest of the release here.
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