The guy interviewed from Cabot Oil and Gas never mentioned the Utica Shale. I doubt they are looking at the Utica. I will say that they are paying $100/ acre so that’s cheap if they are looking at the Utica and extremely expensive for shallow drilling but it seems they are really collecting some serious acreage. Does anyone know if this consistent with the way Cabot entered Susquehanna County over a decade ago?
i would like to hear what Dan Plumly of Critchfield Critchfield and Johnston has to elaborate on the topic. The Wooster based law firm opened a Mt Vernon office when Devon Energy came to the county(Knox) back in 2011.
Ok looks like they are spending some bucks on very very very shallow Utica. I hope it works out for them.
Interesting information, I am signed up. Be interesting how long it takes then to record it. Land man said 8-10 weeks is the norm
Well Butch you got $95 more per acre than I did back in 2006 for my acreage in Morgan Twsp. The local drilling company put in a mediocre Clinton well then sold my Utica rights to Devon for reportably $2500/acre. So see you’re way ahead of me. Take the $. Have a great Christmas.
Well James you have lots of company in that too. An acquaintance of mine leased his 150 acres to Knox Energy for $10 per each just before all this activity fired up with East Ohio Oil n Gas. He isnt real happy right now as you might guess. I wonder how many of those cheap Knox Energy leases will end up being sold to Cabot? Might save them, I heard they are about done for?
Really? I didn’t hear that about KE. That’s too bad. Hate to hear that.
Just shows how things change. 6 years ago Knox was drilling a new well every 20-25 Days and now I don’t think they have done anything for over a year. I would not doubt they go under. On a similar note I heard today that NGO has sold all it wells in Coshocton and Tuscarawas.
Columbus, OH - December 2017 - NGO Development Corporation, Inc., a subsidiary of Licking Rural Electrification, Inc. d/b/a The Energy Cooperative ("NGO" or the "Company") announced that they have entered into a definitive agreement with Diversified Gas & Oil PLC ("Diversified"; AIM: DGOC) to sell certain conventional producing assets in Ohio. The transaction closed November 30, 2017. The transaction was led by Andy Hays and Jason Stevens at Copper Run.
The package includes 550 wells producing approximately 1.3 MMcfe/d net natural gas, with the core production located in Coshocton and Tuscarawas Counties in Ohio. The sale also includes the related gathering systems and conventional acreage.
Todd Ware, President and CEO of NGO, stated: "This transaction further executed The Energy Cooperative's commitment to improve its future financial position, while allowing it to focus on its core assets. This continued focus will strengthen the Cooperative's mission to provide safe, reliable and affordable energy to its members in Central Ohio."
Jason Stevens, Director of Energy Advisory at Copper Run, adds "The advent of the Utica shale has changed the economics for Ohio producers. We are pleased to help The Energy Cooperative realize its strategic goals."
Im not sure how to interpret the last to sentences.
NGO is shedding its conventional assets to concentrate on its unconventional assets???
I heard them say a couple years ago that horizontal drilling was the future.
As a side note, Geopetro is currently testing in nearby Wayne County for the Utica/Point Pleasant. Could help Cabot confirm their entry into Ashland