I was through Utica today so I drove past the well. Lots of activity. They are obviously fraccing the well. They have a large pump down by the creek and a white water line from the pump up to the well site. There were at least a dozen trucks lined up in the driveway.

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Cue the James bond music!!!

Dang Jodi your good ever thought about being a reporter? 

Good pics Jodi, thanks.

Jodi I heard the rig is down and don't know what result.  Good I hope.  Also know they are still monitoring activity in surrounding area with underground sensors.

With CHK nearing the sale of lots of Ohio acreage I kinda wonder about this report. http://seekingalpha.com/article/771211-devon-energy-management-disc... 

Reading their conference call why would they sell of Permian assets if there so great? Trying to build capital to buy into the CHK leases ?

Preview of Today's Top Article
Devon sells 30% of Permian assets for $1.4bn
Devon Energy Corp said on Wednesday Japan's Sumitomo Corp is acquiring a 30% stake in 650,000 net acres Devon controls in the Permian Basin in a $1.4bn deal.

In April, Devon closed on a $2.5bn shale joint venture with China's Sinopec, Gas Business Briefing notes.

They sold Permian assets because they were paid a truckload of money for them. Sumitomo paid more than enough to cover all of DVN's costs, which is an easy call to make.  Add to that the money Sumitomo commits to cover drilling cost and you have a great deal for DVN.  The Cline and Midland-Wolfcamp are great plays for DVN, so getting someone to mitigate the cost risk is a good idea.

As to your question about buying into CHK's lease position: DVN has $7,000,000,000 in cash.  They don't need to raise money to buy in to Ohio.  If they want in they can do it tomorrow.  Their Ohio operations have basically been paid for by Sinopec, so their cost here is extremely low.

 Ty for the info. Who do you think will buy the CHK leases?

I'm really not sure.  Some of that acreage is really scattered in a few of the counties and it's not nicely blocked up.  Whomever buys it will have to do some legwork to make the position more drillable.  Nobody is going to do that until there's at least a better idea of potential production from each county.  The total package covers 19 counties, so that's prohibitive in it of itself.  From the furthest NW part of the package to the southern most part it's more than a 3:30 hr drive.  Seems difficult for a company to operate give the logistical nightmare.  If you were buying that package you'd be getting Trumbull, Ashtabula, Portage and (maybe) Geauga as your best locations and buying the rest on speculation.  So we'll see if anyone bites on it.

hey, I'm located in Bradford County, PA with lots of drilling. Many rigs have moved to Ohio and Southwest PA. We are hearing rumors that results are very disappointing out there and they are stacking out rigs or planning to return them to northeast PA. Can anyone shed light on this?

There are counties in the oil window of Ohio that has not seen the first well drilled yet. I'd say that there has not been enough activity in Ohio to ascertain what there is as of yet. But we do know the gas prices is not being nice to Pa. 

Jodi,

What does "watered up" mean? Would it have anything to do with the fact that they drilled through 2 fault lines when they drilled the well?

Jodi,

I read it on GMS someplace that Devon purposely drilled through 2 faults on the lateral.

I read so much stuff on GMS that I don't know just where. If I get time I will try to find something. Billy might know.

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