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Thursday, December 22, 2016

Nine New Permits in Utica Shale Last Week as Rig Count Drops by One

Nine new permits were issued for horizontal drilling in Ohio's Utica shale last week, according to the weekly report from the Ohio Department of Natural Resources.

Five of those permits were for Monroe County wells, all issued to Gulfport Energy.  Two permits each were for sites in Belmont and Noble counties.

This latest activity brings the new cumulative totals for Ohio's Utica shale to 2,330 wells permitted, 1,873 wells drilled, and 1,472 wells producing.  The Utica rig count dropped from a 2016 high of 23 on last week's report to 22 this week.

View the report below or download it by clicking here.


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Wednesday, December 21, 2016

NEXUS Pipeline Protesters Rally in Medina

From the Akron Beacon Journal:
Lynn Kemp remembers the day her 82-year-old mother received a letter saying companies intended to build part of the Nexus pipeline under her family’s York Township farm: Aug. 24, 2014. 
Her fight against the proposed pipeline to carry natural gas collected by hydraulic fracturing from Ohio’s Marcellus and Utica shale areas to Canada started then and continued Saturday on Medina Square where she held up a handmade sign reading, “Honk for clean water, clean air, safe soil.” 
About 100 like-minded protesters joined her as they chanted and marched around the historic park, vowing to continue their fight against the gas transmission line even as the project cleared a major federal hurdle. 
In late November, the Federal Energy Regulatory Commission (FERC) determined there are no major environmental issues that should keep the proposed 256.6-mile pipeline from being built. 
About 200 miles of the 36-inch-diameter pipe would run through parts of Summit, Stark, Wayne and Medina counties.


Click here to read the entire article.

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EIA Sees U.S. Shale Undermining Oil Price Rally

From OilPrice.com:
The resurgence of U.S. shale will undermine the OPEC-fueled price rally, capping oil prices at roughly $50 per barrel through 2017. That is the conclusion from the EIA’s latest Short-Term Energy Outlook, which forecasts WTI to average $50.66 per barrel and Brent to average just $51.66 per barrel next year. 
The agency also cast doubt on OPEC’s ability to follow through on its deal. “The extent to which the announced plans will be carried out and actually reduce supply below levels that would have occurred in their absence remains uncertain.” But even if they do, any price rally above $50 per barrel will merely spark a revival in U.S. shale drilling, which will “encourage a return to supply growth in U.S. tight oil more quickly than currently expected.” In other words, the OPEC deal won’t fuel the sustained rally that oil bulls have hoped for. 
In fact, the oil bust could persist for another year, according to the EIA. Rising U.S. oil production next year will postpone the projected withdrawals in oil inventories, pushing drawdowns off until 2018. In fact, the EIA actually projects inventories to climb once again, rising by 0.8 million barrels per day (mb/d) in the first half of 2017. For the entire year, inventories could build at an average rate of 0.4 mb/d. In other words, the EIA does not expect the global supply/demand equation to come into balance until the end of next year, a much more pessimistic prediction than the markets have come to expect, especially following the OPEC agreement. One prevailing theory about the state of the oil market before the OPEC deal came from the IEA, which forecast a convergence of supply and demand by the middle of 2017. The OPEC deal was supposed to accelerate that adjustment, tightening the market and moving up the “balance” to early 2017.
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Ohio Utica Shale Counties to Watch in 2017: Belmont and Monroe

by Jackie Stewart, Energy in Depth

As we wind down 2016 and look ahead to 2017, it’s time to stop and take look at how amazing Ohio’s Utica Shale production has been despite a significant pullback in drilling activity due to low commodity prices. After six years of exploration and production, the Utica continues to break production records and the best wells continue to trend farther down the Ohio River. For the past few years, EID has been researching this trend and reporting what we see first-hand on the ground. Our extensive research and analysis has led us to select Monroe and Belmont counties as the Ohio Utica counties to watch in 2017.
Monroe County
EID chose Monroe County as one of the Utica counties to watch in 2015, and we were correct, as more and more staggering natural gas production started coming out of this region that year. Still, Monroe County’s full potential has been impeded by bureaucratic inertia since 2011, as the Bureau of Land Management (BLM) adjudicated whether or not lease minerals for fracking. The process had seemingly no end sight, creating a lot of uncertainty for operators and, in many ways, bringing exploration in the county to a halt.
That could change this year, however, as the Wayne National Forest finally decided to allow leasing of federal minerals in Monroe County. And thanks to a recent Bureau of Land Management (BLM) lease sale that yielded $1.7 million to taxpayers, it’s very likely that Monroe County will begin to see development move faster. This has been great news for the landowners who have been anxiously awaiting the opportunity to have their land and minerals developed.
It’s also great news for local schools, particularly Switzerland Local School District, which will now be able to collect property taxes from development off royalties from oil and gas production in the Wayne National Forest. Switzerland Township is already home to five out of the top 20 natural gas wells in the first three quarters this year, two of which were in the top five producing gas wells thus far.
Belmont County
This is Belmont County’s third consecutive year on our “counties to watch” list, and considering it has the highest producing natural gas wells in the state, it really should come as no surprise. Four of the county’s townships — Wheeling, Smith, Washington and Goshen — are enjoying surges in natural gas production. Smith Township’s production surge has been driven by Rice Energy’s incredible Mohawk Warrior wells, which have held top production spots in each of the first three quarters this year.
Belmont County’s terrific geology isn’t the only reason it’s once again a county to watch. It will also be the potential home to a multi-billion dollar ethane cracker plant. The state of Ohio has invested $14 million to clean up the potential plant site in preparation for this massive investment. Still, a formal announcement to break ground has yet to take place. It was initially believed that the company looking at the site, PTT Global, would announce a formal commitment late this year, but it now appears that will take place in early 2017.
With so much production coming out of this region, the need for energy infrastructure such as pipelines, compressors stations, gathering lines and cracker plants simply cannot come soon enough. Once this energy infrastructure comes on line, it appears the sky is the limit for Belmont County moving forward.
Conclusion
In addition to having exceptional geology for natural gas exploration, Belmont and Monroe counties have ideal access to roads, rail and the Ohio River — all of which are vital to supporting manufacturing and exporting services.  And thanks to companies who have invested billions in exploring and producing the Utica Shale in Ohio, this region of the country is enjoying the cheapest natural gas prices in the world.  With those facts considered, we look forward to watching these two counties next year and expect more great news to come from Monroe and Belmont counties.
YearQuarterCompanyCountyTownshipWell NameGasDays
20161RICE DRILLING D LLCBELMONTSMITHMOHAWK WARRIOR     12H1,629,07791
20161RICE DRILLING D LLCBELMONTSMITHMOHAWK WARRIOR     8H1,621,86991
20162CNX GAS COMPANY LLCMONROESWITZERLANDBREWSTER     SWITZ6DHSU1,615,88291
20162ECLIPSE RESOURCES I LPMONROESWITZERLANDFUCHS A     4H1,593,85490
20163ASCENT RESOURCES UTICA LLCBELMONTWHEELINGCRAVAT N WHL BL     3H-A1,593,18892
20163ASCENT RESOURCES UTICA LLCBELMONTWHEELINGCRAVAT S WHL BL     4H1,583,09292
20162RICE DRILLING D LLCBELMONTSMITHMOHAWK WARRIOR     12H1,515,97991
20163ASCENT RESOURCES UTICA LLCBELMONTWHEELINGCRAVAT N WHL BL     1H1,515,51892
20161RICE DRILLING D LLCBELMONTSMITHMOHAWK WARRIOR     10H1,515,07791
20163ECLIPSE RESOURCES I LPMONROESWITZERLANDFUCHS A     4H1,497,07990
20163ASCENT RESOURCES UTICA LLCBELMONTWHEELINGCRAVAT S WHL BL     2H1,496,23592
20162CNX GAS COMPANY LLCMONROESWITZERLANDBREWSTER     SWITZ6FHSU1,495,73691
20162RICE DRILLING D LLCBELMONTSMITHMOHAWK WARRIOR     8H1,494,75391
20163GULFPORT ENERGY CORPORATIONBELMONTWASHINGTONCONWAY 210119     3C1,494,37791
20163RICE DRILLING D LLCBELMONTGOSHENBOUNTY HUNTER     2H1,492,70992
20163GULFPORT ENERGY CORPORATIONBELMONTWASHINGTONCONWAY 210464     1A1,488,04091
20163GULFPORT ENERGY CORPORATIONBELMONTWASHINGTONCONWAY 210119     5A1,479,78991
20163GULFPORT ENERGY CORPORATIONBELMONTWASHINGTONCONWAY 210119     4B1,467,07391
20162ASCENT RESOURCES UTICA LLCHARRISONSHORT CREEKCRAVAT COAL SHC HR     2H1,465,01091
20163CNX GAS COMPANY LLCMONROESWITZERLANDBREWSTER     SWITZ6DHSU1,432,65185

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Ohio Farmers Support U.S. Energy Infrastructure Development

by Bob White, President, Ohio State Grange

Since 1867, the National Grange has worked to elevate and enrich the quality of life for rural Americans and all they provide for our nation and the world. Thanks to these hardworking men and women, America’s food supply is the most vibrant and diverse in existence, with an agriculture economy that exported over $133 billion worth of goods in 2015 to countries all around the globe. However, while output and exports have risen steadily over the years, so have production costs and the struggle that agricultural producers now experience to keep their operations afloat – especially as it relates to energy expenditures.

For the average American farm, 30% of all operating capital is spent on energy. Natural gas energy in particular has become a must-have input for American farmers, providing between one third and one half of the fossil fuel energy used by farms in the United States over the last 40 years. However, an outdated and unreliable energy pipeline system has made getting this vital resource to farmers difficult, increasing both the price of natural gas and the cost of transporting it to the end user.

But we have the capability to change this growing problem by investing in and supporting the litany of energy infrastructure projects our nation has in the queue. In fact, a recent report by the Department of Energy’s Energy Information Agency concluded that proposed pipeline projects in the Midwest still awaiting regulatory approvals will significantly increase the capacity to safely transport natural gas to U.S. customers. That means increased reliability and accessibility of energy for our Ohio farmers.

One of the projects mentioned in the report – the Rover Pipeline – stands to provide farmers in Ohio and throughout the region with this much-needed access to natural gas. Once finished, the Rover Pipeline will run nearly 710 miles and will transport over 3.25 billion cubic feet of domestically produced natural gas each and every day to end users across the nation. As the 8th largest consumer of natural gas in the United States, this is especially incredible news for Ohioans and our many consumers and businesses that are in need of affordable energy with which to power their homes and operations – including the nearly 75,000 farming operations here in Ohio.

Energy Transfer Partners plans to invest $3.7 billion in the project, including over $147 million in property taxes during its first year in operation. The project will also create over 10,000 construction jobs, including between 4,500 and 6,500 positions here in Ohio.  ETP has also set aside over $620 million for labor expenses to pay workers building the pipeline, further stimulating our state’s economy.

Moreover, not only are these large infrastructure investments good for the economy, but they will also mean safer, more modernized means of transporting energy that we have available today. For example, pipelines have surpassed all other types of infrastructure in terms of safety, efficiency, environmental stewardship, and cost. Compared to truck and railroad alternatives, pipeline transportation results in fewer spillages, injuries, and deaths.

Even the former Acting Administrator of the Pipeline and Hazardous Materials Safety Administration, Brigham A. McCown, stated that, “Pipelines are the safest form of transportation, bar none.” As stewards of the land, Grangers are devoted to preserving the health and productivity of America’s farmland and we believe that the Rover Pipeline and those like it are the best means of both transporting energy and taking care of this critical resource.

The average American farmer now feeds over 155 people, up from roughly 26 people in 1960. Thanks to advances in bioengineering in recent years we are able to develop better and healthier crops that require fewer pesticides and insecticides, getting more and more per acre every year. With an improved energy infrastructure, projects like the Rover pipeline can provide farmers with affordable energy to power their operations and they can in turn continue providing food, fuel, and fiber for our nation and the world.


For these reasons, the Ohio State Grange is proud to support the Rover project. The Grange urges the Federal Energy Regulatory to complete its review of the Rover Pipeline and grant final approval in order to jumpstart these many benefits. 

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Monday, December 19, 2016

EPA Finalizes Report on Fracking Contaminating Groundwater with Same Data, Different Characterization

The Environmental Protection Agency has concluded that hydraulic fracturing, the oil and gas extraction technique also known as fracking, has contaminated drinking water in some circumstances, according to the final version of a comprehensive study first issued in 2015. 
The new version is far more worrying than the first, which found “no evidence that fracking systemically contaminates water” supplies. In a significant change, that conclusion was deleted from the final study. 
“E.P.A. scientists chose not to include that sentence. The scientists concluded it could not be quantitatively supported,” said Thomas A. Burke, the E.P.A.’s science adviser, and deputy assistant administrator of the agency’s Office of Research and Development.
Not surprisingly, this news has been reported on very differently depending on the pre-existing stance on fracking of the source.

For example, here is how anti-fracking site ThinkProgress reported on the news:
The Environmental Protection Agency has concluded that hydraulic fracturing (fracking) can affect drinking water. 
In light of the facts that tap water near some fracking wells has become flammable, that two families in Pennsylvania last year won a court case over the impacts of fracking on their water, and that scientists have found arsenicin water sources near fracking, the EPA’s announcement Tuesday should not come as a surprise. 
But it does, since just 18 months ago, a draft version of the EPA’s fracking report said that the EPA “did not find evidence that these mechanisms have led to widespread, systemic impacts on drinking water resources in the United States.” 
Environmentalists applauded the finalized report, which they say is a more accurate representation of the science and data behind fracking.
Not all felt the same way.  An opinion piece in the Wall Street Journal said this:
Speaking of fake news, the political scientists at the EPA have rewritten the conclusion of a report in order to cast doubt on the safety of hydraulic fracturing. Consider this EPA Administrator Gina McCarthy’s parting gift to Donald Trump. 
Last week the EPA issued the final version of a five-year study evaluating the impact of hydraulic fracturing, the oil and gas drilling method known as fracking, on groundwater contamination. The draft report released last year for public comment concluded that fracking has not “led to widespread, systemic impact on drinking water resources in the United States.” The EPA’s findings haven’t changed, but its conclusion has. 
After being barraged by plaintiff attorneys and Hollywood celebrities, the EPA in its final report substituted its determination of no “widespread, systemic impact” with the hypothetical that fracking “can impact drinking water resources under some circumstances” and that “impacts can range in frequency and severity” depending on the circumstances.
Industry site Energy in Depth responded:
In yet another sign EPA’s word changing in its final groundwater report was driven by politics rather than science, EPA Deputy Assistant Administrator Thomas Burke admitted when pressed by Wall Street Journal reporter Amy Harder that documented number of cases of water contamination from fracking-related activities is indeed small — even though language from the draft report stating cases of contamination “were small compared to the large number” of fracked wells was taken out of the final report. From the Wall Street Journal, 
When asked, Mr. Burke did reiterate the report’s earlier findings that the EPA found only a small number of cases of contamination but stressed the lack of data. 
“While the number of identified cases of drinking water contamination is small, the scientific evidence is insufficient to support estimates of the frequency of contamination,” Burke told the Wall Street Journal. “Scientists involved with finalizing the assessment specifically identified this uncertainty in the report.” (emphasis added) 
Of course, there’s absolutely no difference between saying the “number of identified cases of drinking water contamination is small” and there are “no widespread, systemic impacts.” 

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Rice Energy Subsidiaries Assessed Over $3.5 Million in Penalties for Well Pad and Pipeline Violations

Pittsburgh, PA – The Pennsylvania Department of Environmental Protection (DEP) assessed civil penalties to Rice Energy subsidiaries for multiple violations of environmental laws at 10 well sites and 6 pipeline locations, with a total fine of over $3.5 million. 

DEP and Rice Energy signed seven separate enforcement documents addressing the violations that occurred at sites in Washington and Greene Counties. The violations span several years and include failing to obtain required permits, failing to maintain erosion and sedimentation controls, releasing wastewater to the ground and waters of the Commonwealth, and failing to have a pre-operational inspection of a well site by DEP prior to drilling, among others.

“Minimizing the impacts that drilling activity has on Pennsylvania waterways is a key part of responsible development,” said DEP Acting Secretary Patrick McDonnell. “While many of these violations have been corrected and remediated, they should have not happened in the first place. DEP will continue to hold responsible companies that act without permits and violate the rules and regulations of the Commonwealth.”

The fines include:
•    $1,633,550 for leaks from an unpermitted wastewater impoundment and insufficient erosion and sediment controls, failure to stabilize the well site, and other violations at two well sites in Jackson and Center Townships, Greene County. 
•    $1,314,275 for failure to obtain a permit before earthmoving activities, failure to obtain a pre-operational inspection prior to drilling, and multiple erosion and sediment control violations in Washington and Greene counties. 
•    $437,100 for erosion and sediment control violations and a well casing violation at sites in Washington and Greene counties. 
•    $97,852 for failing to obtain a permit for a culvert, illegally discharging into a waterway, and erosion and sediment control violations at sites in Washington and Greene counties.
•    $14,850 for slope failure and sediment discharge outside of the permitted limit of disturbance at sites in Greene County.
•    $11,750 for violations associated with the company’s failure to maintain erosion and sedimentation controls in Washington County.
•    $35,075 for well site stabilization, casing, and road construction violations in Greene County.

Subsidiaries that are part of the enforcement actions are Rice Drilling B LLC, Rice Poseidon Midstream LLC, and Rice Midstream Holdings LLC. Sites formerly owned by Alpha Shale Resources, LP, now owned and operated by Rice, are also included. 

Rice Energy has paid all civil penalties imposed by DEP and has either corrected or is under an enforceable schedule to correct the violations at its sites.


View this press release in its original location by clicking here.

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Gulfport Energy Snatches Up 12,600 Acres in Monroe County

From Columbus Business First:
An oil and gas driller active in the Utica shale play has tacked on more acreage in eastern Ohio. 
Gulfport Energy Corp. has purchased 12,600 undeveloped acres in Monroe County for $87 million, the Oklahoma City-based company said. 
The seller was not disclosed, and the deal is expected to close this month. 
Gulfport (NASDAQ:GPOR) said the acreage is close to its existing holdings.
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Thursday, December 15, 2016

Deep Dive Into the 3rd Quarter 2016 Utica Shale Production Figures

The Ohio Department of Natural Resources has now released the production data from the Utica shale for the third quarter of 2016. As always, we are going to give you a look at how the numbers compare to past quarters, past years, and how they break down among the various drillers who are active in Ohio and the counties where they are drilling. We also have the top 10 oil and gas wells detailed below.

PRODUCTION RATE COMPARISONS

First up, let's take a look at how the quarterly data compares from the 1st quarter of 2014 through the third quarter of 2016. As a reminder, all oil figures are 42-gallon barrels, and all gas production is measured in MCF:


QUARTER# OF WELLS/# WITH DATAOILGASDAYSOIL/DAYOIL/WELLGAS/DAYGAS/WELL
2014-1 476/4181,950,97967,333,94528,019704,6672,403161,086
2014-2562/5042,467,28388,673,74137,922654,8952,338175,940
2014-3717/6743,013,667132,017,38650,858594,4712,596195,871
2014-4828/7793,558,836164,815,00862,527574,5682,636211,573
2015-1926/8774,432,304183,585,25569,745635,0192,632209,333
2015-21020/9785,594,633221,860,16980,724695,7042,748226,851
2015-31134/10875,709,858245,747,68684,283685,2422,916226,079
2015-41265/12306,249,116302,505,428102,378615,0812,955245,939
2016-11351/13035,485,854329,537,838110,699504,2102,977252,907
2016-21415/13654,839,792334,257,982118,036413,5462,832244,878
2016-31492/14593,954,095360,681,356126,827312,7102,844247,211

So, the decline in oil production rates continued in the third quarter.  The following graph illustrates the drop:



The gas production rates have been much steadier:


This next chart looks at the yearly total production figures and how they compare to the first three quarters of 2016:


YEAROILGAS
201146,3262,561,524
2012635,87412,831,292
20133,677,734100,119,054
201410,990,765452,840,080
201521,985,911953,887,763
2016 YTD14,279,7411,024,477,176
TOTALS51,616,3512,546,716,889

So there has already been more natural gas produced in 2016 than in any other year, and once the fourth quarter production figures are in there may be more gas produced this year than in 2014 and 2015 combined.

Oil produced, on the other hand, is almost certainly going to drop year-over-year for the first time since the beginning of the shale boom.  It's nearly 1.5 million barrels behind the total oil production of the first three quarters in 2015.

TOP PRODUCING WELLS

The top 10 oil-producing wells of 2016 quarter three:


OPERATORCOUNTYWELL NAME/NO.OILOIL/DAY
ECLIPSE RESOURCES I LPGUERNSEYPURPLE HAYES 1H749541292
CHESAPEAKE EXPLORATION LLCGUERNSEYHD MCCLAIN 28-9-7 3H45291492
ASCENT RESOURCES UTICA LLCGUERNSEYEGGLESTON WLS GR 2H36331395
R E GAS DEVELOPMENT LLCCARROLLGOEBELER UNIT 2H34568397
ASCENT RESOURCES UTICA LLCGUERNSEYEGGLESTON WLS GR 4H33125360
R E GAS DEVELOPMENT LLCCARROLLGOEBELER UNIT 1H32473369
R E GAS DEVELOPMENT LLCCARROLLGOEBELER UNIT 3H31871362
R E GAS DEVELOPMENT LLCCARROLLPERRY UNIT 1H31757447
CHESAPEAKE EXPLORATION LLCGUERNSEYHD MCCLAIN 28-9-7 5H30737338
CNX GAS COMPANY LLCNOBLERESERVE NBL39CHSU29400320

For the sake of comparison, the total production from these 10 wells during the third quarter was nearly 41,000 barrels lower than the total from the top 10 wells of the second quarter.  That is nearly a 10% drop.

Here are the top 10 gas-producing wells of the third quarter:


OPERATORCOUNTYWELL NAME/NO.GASGAS/DAY
ASCENT RESOURCES UTICA LLCBELMONTCRAVAT N WHL BL 3H-A1,593,188 17,317
ASCENT RESOURCES UTICA LLCBELMONTCRAVAT S WHL BL 4H1,583,092 17,208
ASCENT RESOURCES UTICA LLCBELMONTCRAVAT N WHL BL 1H1,515,518 16,473
ECLIPSE RESOURCES I LPMONROEFUCHS A 4H1,497,079 16,634
ASCENT RESOURCES UTICA LLCBELMONTCRAVAT S WHL BL 2H1,496,235 16,263
GULFPORT ENERGY CORPBELMONTCONWAY 210119 3C1,494,377 16,422
RICE DRILLING D LLCBELMONTBOUNTY HUNTER 2H1,492,709 16,225
GULFPORT ENERGY CORPBELMONTCONWAY 210464 1A1,488,040 16,352
GULFPORT ENERGY CORPBELMONTCONWAY 210119 5A1,479,789 16,261
GULFPORT ENERGY CORPBELMONTCONWAY 210119 4B1,467,073 16,122

Once again, gas production contrasts from oil production.  The top 10 gas wells in the third quarter produced about 2% more than the top 10 wells in the third quarter, and the production rates were up as well.

COUNTY-BY-COUNTY


COUNTY# OF WELLS TOTAL# OF WELLS PRODUCINGOILGASDAYSOIL/WELLOIL/DAYGAS/WELLGAS/DAY
Belmont24523842,645139,611,96818,7521792586,6057,445
Carroll434432976,18246,266,58139,5752,26025107,0991,169
Columbiana666018,6648,328,6385,5003113138,8111,514
Coshocton113229,3249232249,324101
Guernsey1261251,172,25613,540,04310,1809,378115108,3201,330
Harrison2792741,336,84349,171,91924,8084,87954179,4601,982
Jefferson323015912,403,161239250413,4395,185
Mahoning13114,216678,373879383561,670772
Monroe15114865,26164,369,60412,7884415434,9305,034
Morgan224,83469,3041842,4172634,652377
Muskingum1156411,95992564611,959130
Noble119119309,87525,403,48710,3652,60430213,4752,451
Portage210955009519
Stark221,07730,622184539615,311166
Trumbull331,18882,646276396427,549299
Tuscarawas7616,896144,3452892,8165824,058499
Washington963,113559,287466519793,2151,200

OPERATOR-BY-OPERATOR

OPERATORTOTAL # OF WELLS# OF PRODUCING WELLSOILGASDAYSOIL/WELLOIL/DAYGAS/WELLGAS/DAY
Antero Resources Corporation146 145 195,769 48,673,432 12,440 1,350 16 335,679 3,913
Artex Oil Company6 6 3,401 119,890 552 567 6 19,982 217
Ascent Resources Utica LLC100 100 677,069 37,865,934 8,586 6,771 79 378,659 4,410
Atlas Noble LLC12 12 12,722 1,330,395 1,104 1,060 12 110,866 1,205
Carrizo (Utica) LLC4 3 30,351 214,448 185 10,117 164 71,483 1,159
Chesapeake Appalachia LLC6 4 18 789,013 368 5 - 197,253 2,144
Chesapeake Exploration LLC633 623 1,769,087 82,417,460 56,836 2,840 31 132,291 1,450
Chevron Appalachia LLC8 6 45,590 316,632 552 7,598 83 52,772 574
CNX Gas Company LLC42 40 129,622 10,339,518 3,385 3,241 38 258,488 3,055
Eclipse Resources I LP66 66 365,253 16,733,290 5,254 5,534 70 253,535 3,185
EM Energy Ohio LLC2 2 493 591,569 84 247 6 295,785 7,042
Enervest Operating L5 5 3,104 53,172 460 621 7 10,634 116
EQT Production Company6 6 7,868 92,889 - 1,311 - 71 -
Gulfport Energy Corporation208 208 231,539 79,667,780 18,148 1,113 13 383,018 4,390
Halcon Operating Company Inc4 4 1,758 110,243 368 440 5 27,561 300
Hess Ohio Developments LLC59 55 108,441 19,538,833 4,990 1,972 22 355,252 3,916
Hilcorp Energy Company10 10 - 1,500,361 784 - - 150,036 1,914
NGO Development Corp.1 1 322 9,324 92 322 4 9,324 101
PDC Energy Inc23 23 96,259 720,957 2,109 4,185 46 31,346 342
Protégé Energy III LLC1 1 1,010 384,431 92 1,010 11 384,431 4,179
R E Gas Development LLC40 40 235,390 3,679,625 3,549 5,885 66 91,991 1,037
Rice Drilling D LLC53 53 - 32,184,740 2,941 - - 607,259 10,943
Statoil USA Onshore Prop Inc9 7 22,702 469,905 644 3,243 35 67,129 730
Triad Hunter LLC12 8 12,114 1,512,122 736 1,514 16 189,015 2,055
XTO Energy Inc.36 31 4,213 21,510,910 2,522 136 2 693,900 8,529


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Tuesday, December 13, 2016

Utica Rig Count Hits Highest Count of 2016 on Latest ODNR Update

The Utica shale rig count continues its late-2016 dance on the latest weekly permitting report from the Ohio Department of Natural Resources, while permitting slowed a bit from the previous week's activity.

Three permits were issued for Monroe County wells, and one each for Belmont and Harrison County sites, for a total of five new permits listed for last week.  That is down from 13 on the previous report.

Meanwhile, the Utica rig count rose to 23, which is up from 19 on last week's report and represents a new high mark for 2016.  This fits with a nationwide trend of rig counts on the rise.

Now there are 2,323 permits issued, 1,865 wells drilled, and 1,472 wells producing.

View the report below or by clicking right here.


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ODNR Releases Third Quarter 2016 Utica Shale Production Data

From the ODNR:
During the third quarter of 2016, Ohio’s horizontal shale wells produced 3,954,095 barrels of oil and 360,681,356 Mcf (360 billion cubic feet) of natural gas, according the figures released today by the Ohio Department of Natural Resources (ODNR). Natural gas production from the third quarter of 2016 showed an increase over the third quarter of 2015, while oil production was reduced for that same period. 
 2015 QUARTER 3 (SHALE)2016 QUARTER 3 (SHALE)PERCENTAGE CHANGE
Barrels of oil5,994,6323,954,095(34.04%)
Mcf of natural gas247,541,749360,681,35645.71%

The ODNR quarterly report lists 1,492 horizontal shale wells, 1,464 of which reported oil and natural gas production during the quarter. Of the 1,464 reporting oil and natural gas results: 
  • The average amount of oil produced was 2,701 barrels.
  • The average amount of natural gas produced was 246,367 Mcf.
  • The average number of third quarter days in production was 85.

All horizontal production reports can be accessed at oilandgas.ohiodnr.gov/production.Ohio law does not require the separate reporting of Natural Gas Liquids (NGLs) or condensate. Oil and gas reporting totals list on the report include NGLs and condensate.
We will have a more detailed look at the production figures ready soon.

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Thursday, December 8, 2016

Chesapeake Energy Starting to Look Better to Investors; Company Also Reveals New Logo

From Seeking Alpha:
The terms of yesterday's $1 billion unsecured debt offering by Chesapeake Energy (NYSE:CHK) indicate that the credit market no longer views the recently troubled E&P operator as a distress risk. While the 8.00% coupon on the senior notes due 2025 with a standard unsecured high-yield structure is by no means low, it demonstrates investors' recognition that Chesapeake has come a long way addressing its liquidity challenges and reducing leverage to manageable levels. The offering was upsized. 
In combination with the $450 million in gross proceeds from the asset sale in the Haynesville announced two days ago, the note offering provides nearly sufficient amount of cash to fund the maximum amount under the tender offer for the existing notes that the company launched concurrently. 
The tender offer will be another major step by the company in terming out the nearest maturities. Even assuming the offer is undersubscribed, the remaining amount of debt coming due in 2017 and 2018 would be moderate and the remaining cash on hand can be used to defease the nearest maturities.
Read that whole article here.

Here is a portion of Chesapeake's press release announcing an offer to buy back $1.2 billion of debt:
Chesapeake Energy Corporation (NYSE: CHK) announced today that it has commenced cash tender offers (collectively, the "Tender Offers," and each offer to purchase a series of notes individually, a "Tender Offer") to purchase up to $1,200,000,000 aggregate purchase price, exclusive of accrued interest (the "Aggregate Maximum Purchase Amount"), of the outstanding notes of Chesapeake set forth in the table below (collectively, the "Notes").
Chesapeake Energy's new logo
Chesapeake Energy also has a new logo.  Here is what NewsOK has to say about it:
Chesapeake will begin using the new logo Jan. 3, but unveiled it at a meeting with employees this week. 
“Over the past three years Chesapeake has transformed all aspects of our business, and we plan on transitioning to a revised logo in January which is not tied to a specific commodity and reflects our focus on being an unconventional leader in our industry,” spokesman Gordon Pennoyer said in a statement. 
The new logo does away with Chesapeake's iconic blue natural gas flame and adds a green line that extends from the "h" and is designed to reflect a horizontal oil and natural gas well.
Click here to read that whole article. 

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