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Tuesday, November 27, 2018

Encino Planning to Grow Utica Shale Operations

From S&P Global Platts:
Encino Energy, a company that became an Appalachian Basin exploration and production industry powerhouse with the acquisition of Chesapeake Energy's Utica Shale assets in July, is looking to grow its operations in the Utica and invest in other basins, the company's CEO said in an interview with S&P Global Platts. 
"We expect to be active acquirers; there are specific targets in the Utica that we're already evaluating that we hope to buy and there are probably more in the Utica that we hope to acquire over time," Encino President and CEO Hardy Murchison said Monday. 
Murchison said the company is also looking to expand beyond its Utica footprint into other US onshore resource plays. 
"We clearly expect to grow in the Utica and we'll probably expect to grow outside the Utica as well," he said.

Almost overnight, Encino became a major player in the Ohio Utica Shale play with the acquisition of Chesapeake's Utica assets, including more than 900,000 net acres of leasehold, spanning the condensate, liquids-rich and dry gas windows of the play. The assets include about 900 gas wells that produce more than 600 MMcf/d of gas equivalent.
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