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Tuesday, June 30, 2015

Rice Energy Pursuing Pennsylvania Utica Shale Wells, Looking to Reduce Costs

From the Pittsburgh Business Times:
The Marcellus Shale remains Rice Energy Inc.'s workhorse, but the Utica Shale is a growth area for the company, Executive Vice President of Exploration Derek Rice said Wednesday. 
Delivering the day's final address at the Hart Energy DUG East conference in Pittsburgh, Rice said the company (NYSE:RICE) is well positioned in the Utica, sitting on 60,000 acres in what the company believes to be the Utica's best portion. Being in that area is important -- the company believes that three or four Utica counties will, in the next five to 10 years, account for 90 percent of what is produced from the play.

Up until now, the company's Utica exploration has been focused on Belmont County, Ohio, one of the three counties that it is operating in. However, earlier this year, the company decided to test the deep Pennsylvania Utica in Greene County and has been working on developing a well there.
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