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Wednesday, March 14, 2018

Pin Oak Hopes to Find Success in Much-Maligned Northern Utica Shale

From Business Journal Daily:
Where others have experienced nothing short of a bust, an Akron oil and gas company envisions nothing but opportunity. 
Pin Oak Energy Partners LLC is jockeying for position in the northern tier of the Utica shale, especially in Trumbull County and parts of Mahoning County in Ohio, and Mercer County in Pennsylvania. In February, the company announced it has acquired more than 70,000 leasehold acres in the southern and northern Utica and a collection of active wells. 
“We’re not buying acreage,” says Mark Van Tyne, Pin Oak chief business development officer. “We are buying cash-flowing assets. We’ve acquired assets that others didn’t feel were producing.” 
Energy giants BP America and Halcon Resources Corp. moved into the region in 2012 during the early phase of Utica shale exploration. After almost two years, the payoff hoped for from the wells that both companies drilled, mostly in Trumbull and Mercer counties, simply was insufficient to justify continued oil and gas exploration in the northern Utica. So BP and Halcon canceled their drilling programs.
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