Drilling Down

8 New Permits Issued for Belmont County Wells

YOUNGSTOWN, Ohio – The Ohio Department of Natural Resources issued eight permits for new horizontal wells across the Utica shale last week – all of them in Belmont County in the southeastern tier of the oil and gas play. Gulfport Energy Corp. received four permits for its Dorsey well pad in Richland Township. Rice Drilling […]

Utica Production Forecasts Better than Other Plays

YOUNGSTOWN, Ohio – Shale oil production during the month of June is forecast to total 4.85 million barrels per day (bpd) nationwide, a drop of 113,000 from May’s forecast, the U.S. Energy Information Administration reports. In April, total production reached 4.95 million barrels per day. The agency issued its monthly drilling productivity report Monday that […]

Range Expands in Louisiana with $4.4B Acquisition

FORT WORTH, Texas – Range Resources, a major oil and natural gas driller in the Appalachian region, will pay $3.3 billion to acquire Memorial Resource Development Corp. of Houston, the companies announced the morning. The all-stock transaction includes Range assuming $1.1 million in MRD’s net debt. Range has approximately 1 million net acres across Pennsylvania, […]

Rex Energy Reports $62M Net Loss in Q1

STATE COLLEGE, Pa. – Faced with continued depressed oil and gas commodity prices, Rex Energy Corp. reported a net loss of $62.2 million, or $1.11 per share, during the quarter ended March 31, the company reported Tuesday. Declining commodity prices led to a substantial drop in revenues compared to the same period in 2015, the […]

Chesapeake to Resume Light Drilling in Utica

YOUNGSTOWN, Ohio – Chesapeake Energy Corp. says it plans to drill up to five wells this year in eastern Ohio’s Utica shale and bring between 45 and 55 wells into production, according to an investors presentation posted on the company’s website. Money invested into drilling this year is going to the Utica, said Frank Patterson, […]

Three Permits Issued in Ohio’s Utica

YOUNGSTOWN, Ohio – Just three permits for new horizontal wells were issued in eastern Ohio’s Utica shale during the week ended May 7, according to the Ohio Department of Natural Resources. Two permits were awarded to Statoil USA Onshore Properties for wells in Monroe County, while a third permit was issued to XTO Energy for […]

Production Rises in Western Pennsylvania’s Utica

YOUNGSTOWN, Ohio – Production of natural gas from horizontal wells drilled in Lawrence and Mercer counties in western Pennsylvania took a leap during the fourth quarter of 2015 versus the previous quarter, and output remained steady through the first two months of this year, data show. According to the Pennsylvania Department of Environmental Protection, the […]

Gas Production Rises in Western Pennsylvania’s Utica

YOUNGSTOWN, Ohio – Production of natural gas from horizontal wells drilled in Lawrence and Mercer counties in western Pennsylvania took a leap during the fourth quarter of 2015 versus the previous quarter, and output remained steady through the first two months of this year, data show. According to the Pennsylvania Department of Environmental Protection, the […]

Shell Oil Exec: Pa. Cracker is an ‘Excellent’ Project

YOUNGSTOWN, Ohio – A Royal Dutch Shell executive says that a proposed multibillion-dollar ethane cracker plant slated for Monaca, Pa. is an “excellent project” that is at the top of the list of investment decisions the energy giant should make within a year. “We have had quite a lot of discussion — not yet pulled […]

Chesapeake Energy Posts Q1 Loss of $964 Million

OKLAHOMA CITY – Chesapeake Energy Corp. posted a net loss of $964 million or $1.44 per diluted share during the first quarter, the company reported this morning. The primary driver for the loss was a noncash write-down of $853 million against Chesapeake’s oil and gas properties, which have declined in value since commodity prices started […]

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