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Thursday, January 2, 2014

Utica Shale Wells Already Producing at $1 Billion Per Year Rates

From the Akron Beacon Journal:
The typical Utica shale well in eastern Ohio produced 137,168 thousand cubic feet of natural gas and 5,439 barrels of liquids from July through September, according to a new report released Tuesday by the Ohio Department of Natural Resources. 
That is enough natural gas to generate about $550,000 and enough oil to generate an additional $490,000 from each of the state’s first 245 Utica shale wells. 
On an annualized basis, those Ohio wells could be producing nearly $1 billion in oil and gas. 
“Those are very good numbers,” said Jeff Daniels, a geophysicist at Ohio State University, co-director of the university’s Sub-Surface Energy Resources Center and an expert on Utica shale drilling. “They’re high but they don’t shock me.”
Read the rest of the article here. 

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