Anybody know what's going on with these guys? They have yet to drill a well in 2015. Last drilled was 12/15/2014. They are still leasing and doing seismic but no drilling. I read on here awhile back they were getting into the Utica Shale business.

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Based on where they're leasing and obtaining seismic rights I'd say they're looking for conventional Rose Run formation locations.  Since many of the leases they've taken were recent they're unlikely to be in a rush to drill wells while commodity prices remain down.  Keep in mind that they're a privately held company with what I would imagine is excellent cash flow.  They have no obligation to shareholders or Wall Street to keep drilling.  They have the luxury of time.

Artex is a conventional company that I have worked with in the past. They have drilled some horizontals in the beginning of the Utica/Marcellus but stick to mainly conventional formations. That is not to say that they do not have the money, you can bet they have non-op in Utica/Marcellus.

From a fellow member here on gms. They offered her recently $1500/acre in Noble County. A little steep for rose run, right?

Noble County Ohio?

Artex acquired some Anadarko acerage see here:

http://gomarcellusshale.com/forum/topics/anadarko-defines-its-core-...

Phil

Was just double checking. I have attached a map of noble which has the Artex wells included on the western side (red star = producing, blue circle = permit, green triangle = drilling). $1,500 seems a little low as they are inside the oil window but depends on where the acreage is. The farther east you go the more activity with higher production. This area was a test well for Anadarko originally and they did not like the results (far west of county). The current wells they have only produced 1,651bbl/25,998mcf (A-1H), and 905/31,572mcf (A-3H) in Q1 2015. Where in noble exactly to get a better idea and some more data your way? 

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For reference we have been leasing for $100 an acre for knox in Pickaway....so no they are not just leasing for knox but also for Utica. Seismic will most likely be for knox as it is still a target in the area but they don't want to lose their acreage hold they do have. Again the price will depend on the specific location of the property inside Noble. 

The last I talked to the Marietta office about about 2 months ago, when they wanted to do seismic testing, they didn't want to lease anything. But they are conducting seismic testing in Sharon twp, Noble county Ohio. A lot of the leases in Sharon twp were signed with Amarado oil company Ltd back in 2011 with a 5+3 year lease that was tranfered to Anadarko then tranfered to Artex. Those leases have a non-surface use clause in them. So it would be hard to drill with out horizontal drilling.
"Based on where they're leasing and obtaining seismic rights I'd say they're looking for conventional Rose Run formation locations."
Dexter, you really think they are shooting Noble County Sharon Twsp for Roserun wells? It's my understanding that Artex will start drilling horizontal Utica wells when and if oil prices improve. I would bet Sharon Twsp will be their first shot.

No, I was referring to their activity further to the west (Morgan, Perry, Fairfield).  I do find it hard to believe that they'll have greater success in Noble county than APC, which is one of the world's largest and most advanced E&P companies.  If APC liked what they saw they could have owned as much of the Utica as their heart desired.  There has to be something else going on here.  Artex isn't going to drill expensive horizontal wells into a part of the play that has yet to be fully derisked while oil prices remain below the break even point.  There's more to this story.

Thanks Dexter, I wish PA Joe would chime in. Maybe he has some more insight since his last post on this subject.

"Reply by PA Joe on June 4, 2015 at 8:03am
Artex didn't buy the leases off of Anadarko. Anadarko "farmed in to" existing Artex leases. I.E., Anadarko paid Artex a few years ago for the right to drill on properties Artex had leased over the years. When the acreage didn't really pan out for Anadarko (they didn't try to hard in my opinion) they came back into Artex's hands. My understanding is Artex is looking to drill their own Utica wells now, once prices recover."

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