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Tuesday, April 29, 2014

EQT Becomes Latest Driller to Express Disappointment in Utica Shale Wells

From TribLIVE:
EQT Corp. said on Thursday that it has had some disappointing results from wells at the edge of the Utica shale in Ohio and will stop drilling in the formation while it evaluates its prospects. 
EQT's decision follows Antero Resources Corp.'s reduction 10 days earlier in what it predicts to get from wells in a similar area on the western edge of the play. 
The Utica shale is viewed as the next front for gas drillers who benefited from booming production in the Marcellus shale and are looking to expand to other promising plays. 
“The first wells we drilled were not where they needed to be,” Steve Schlotterbeck, an executive vice president at EQT, said during a conference call discussing an otherwise successful quarter for the Downtown company.
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