The Daily Digger is dedicated to being your one-stop location to find all of the latest news and updates on the activity in the nationwide shale play, as well as relevant updates regarding the energy industry in general.
OVOGA Holiday Party Full of Optimism About Future of Oil and Gas in Ohio Valley
The Ohio Valley Oil and Gas Association hosted it’s annual Holiday Party Dinner Discussion and Happy Hour on Wednesday night. The event was held at Wheeling Island Resort & Casino for the second year in a row.
Industry professionals had the chance to reunite with old friends, learn new tricks of the trade and expand their network.
“The biggest benefit to coming to these events for our members is the networking,” said AJ Smith, President of Hull & Associates. “Getting to talk to each other, Toby Rice with EQT who is our speaker tonight and others in the industry to try to do business together and do more business for the oil and gas industry.”
The natural resources of the tri-state area position this region as a leader in global energy production. Oil and gas is a thriving industry in the United States and it’s continuing to expand all around us.
Last week, American Energy Partners Inc. stated its plans to acquire three oil and natural gas producers. The deal is valued at almost $11 million and includes companies in western Pennsylvania and West Virginia. American Energy Partners said it would obtain all of the stock and units of the three undisclosed companies. CEO Brad Domitrovitsch says: “ This transaction furthers our commitment to acquiring steady cash-flowing businesses while enhancing our ability to develop alternative green energy opportunities with the vast amount of acreage included in the package.” The sale involves 467 wells currently yielding 1.25 Bcfe/d and midstream assets spread over 695 acres (includes 100% owned surface and mineral rights). Additionally, there are no drilling commitments or obligations for the properties. American Energy controls several subsidiaries, including: Oilfield Basics LLC Hickman Geological Consulting LLC American Energy Solutions LLC Hydration Company of PA Gilbert Oil and Gas T
Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money. That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector. The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest. The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividend on closing the deal while offering a quarterly variable div
In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw