Enervest is selling most of its utica holdings

Enervest is selling their holdings. I ask why? Perhaps production is not what they hoped

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Permalink Reply by Bluflame on September 15, 2012 at 9:55am

 Sorry. My total revenue/day is incorrect. Should be $97,858/day. Initial royalty works out to $174,676/month and after an 80% decline, $34,935/month. This rather closely aligns with $624/acre/month. Sort of a reality check.

 Chalk up my error to rapidly declining brain cells!

BluFlame

Permalink Reply by bo boboski on September 15, 2012 at 6:51am

just guessing, but does BP ring a bell?

Permalink Reply by al raptoria on August 14, 2013 at 9:45am

So does this  mean Enervest OWNED all that land, or are they talking selling their LEASES (not land/ property) for $13,000 per acre?

Ohio Utica Shale    

More details on EnerVest sale, Stark-Tuscarawas oil drilling project

By Bob Downing                   Published: August 9, 2013    

A Texas-based company and its partners are selling off a portion of its Utica shale acreage in east-central Ohio.

The EnerVest Ltd. companies announced on Friday that they selling 22,535 acres in Guernsey, Harrison and Noble counties to an undisclosed buyer for $284.3 million.

The sale is expected to close by the end of the third quarter 2013.

"This is a good first step in our revised Utica acreage sale process," said chairman John B. Walker in a statement. "The value of this sale averages $12,900 per acre. We look forward to announcing additional deals as they occur.

The sale was approved by EV Energy Partners, the publicly traded arm of EnerVest, along with certain institutional partnerships managed by EnerVest Ltd.

EnerVest is one of Ohio’s largest oil and gas companies. with 8,700 vertical wells in Ohio. It was the largest producer from traditional gas and oil wells in Ohio and produced 25 percent of Ohio’s natural gas prior to the Utica shale boom.

The prices paid range from $11,000 to $15,000 an acre. Most was sold for $13,000 an acre, Walker said.

Permalink Reply by Paul Martinelli on August 14, 2013 at 9:50am

Their leased lands......the are selling the leases....for deep rights only most likely, and retaining the shallow rights and  a royalty interest on the deep rights.

Permalink Reply by Lane Mitchell on August 15, 2013 at 2:41am

Does anyone have any insight to why EV would be pulling and plugging 2 wells? This is in Noble County, Ohio. One of them is on my property, the other over one valley. The one in the other valley is almost the same location as a permitted horizontal well that runs under my property. Would this be an indicator that someone could be drilling? It has been permitted since spring with no activity until now. Mine was HBP, but I had a nice loop hole, thanks to my deceased father, that gave me leverage against them, and we settled out of court. Cost a lot of $, but should be able to get that back at some point, and made it a no surface clause. I have posted this info on the other post in re-guards to EV selling. Would like someone with knowledge to offer it.

 

Permalink Reply by jett on August 16, 2013 at 5:55am

Could it be A McClendon's new company that bought these leases?

Permalink Reply by Philip Brutz on August 16, 2013 at 6:11am
Permalink Reply by Paul Martinelli on August 16, 2013 at 6:16am

Good deal....more competition the better.......more  drilling funding the better.....

Permalink Reply by bo boboski on August 16, 2013 at 9:40am

Could very well be.  Could'nt have found a better spot to drill. Twice as good as Carroll co. Probably old $50 leases with 12- 1/2 % royalties. one page leases with very landowner unfriendly wordings!

Permalink Reply by Philip Brutz on August 16, 2013 at 9:48am

"EnerVest’s foothold in Ohio began in 2003 when it purchased Columbus, Ohio-based CGAS out of Enron Corp.’s bankruptcy."

"EnerVest built up its Ohio acreage over the years, with an average acquisition cost of around $10 per acre"

http://fuelfix.com/blog/2011/11/03/chesapeake-enervest-deal-a-new-h...

Permalink Reply by searcherone on August 16, 2013 at 1:46pm

hayfield:

Check Noah Brenner's recent post in Look out Ohio discussion.  He says he has confirmed that the Enervest acreage was purchased by Aubrey/AEP since he wrote the first article.

 

Permalink Reply by jett on August 17, 2013 at 5:52pm

Thanks, Searcherone

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