Artex Oil in Guernsey County

I asked this question last fall after Artex bought out the old Anadarko leases in eastern Ohio. Artex, to my knowledge, has done nothing, nada, zip, since then. I fail to understand why they would pay for those leases only to sit on them until they all expire in October of next year. Can someone, anyone, shed any light on this? Are they waiting to jump on all of these next spring? Would they indeed allow them to expire? Or are they trying to partner with someone before exploring the leases?

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Permalink Reply by Dexter Green on June 2, 2015 at 8:28pm

I think they would have loved to do something with those leases but with current market conditions it's unlikely to be profitable.

Permalink Reply by James Vanderink on June 2, 2015 at 10:33pm
They have sold quite a few to CHK.
Permalink Reply by James Vanderink on June 3, 2015 at 7:27am


Current Artex Prospects. Some are obvious but wondered if any of these could be Guernsey County.
Permalink Reply by David Allen Lilly on June 3, 2015 at 7:46am

It would appear that they bought high and are trying to avoid selling low, an un-enviable position. Don't those leases allow for the holders to re-up after 5 years for a sum similar to the initial lease bonus ?

Permalink Reply by Glenn C. Keith on June 3, 2015 at 8:24am

You are correct, most of these leases were written to allow a renewal at $2500 per acre and a 14% royalty percentage.

Mike MurphyPermalink Reply by Mike Murphy on June 3, 2015 at 10:57am

From what I have seen ....I think what ARTEX is doing with or has plans to really do is Flip the acrerage  not ever drill it ........How many Artex wells have been drilled in the Utica is my question ....they owned deep rights in Carroll county and flipped them to CHK and they bought them in the last four years from Alliance petroleum  and if you really think about it renewal cost is just a drop in the bucket when looking at well completion cost.......Just another Chess game and the mineral owners are the pawns  

Permalink Reply by Bluejack Farms on June 3, 2015 at 1:21pm
Artex hasn't spud a well in nearly 7 months. Are they in trouble? Bought out? Sitting back and taking offers?
Permalink Reply by Glenn C. Keith on June 3, 2015 at 1:27pm

One suggestion in this thread above is that they have or are flipping these leases to Chesapeake.

Permalink Reply by White Tiger on June 3, 2015 at 9:53pm
Artex bought leases off of Anadarko in Sharon township, Noble county as well, they are currently in the process of doing seismic testing of all of Sharon township.
Permalink Reply by Philip Thackray on June 4, 2015 at 6:53am

Ty,

Sharon Township, Noble County, Ohio is far away from any current Utica Shale activity.  Is there something else over there?

Phil

Mike MurphyPermalink Reply by Mike Murphy on June 4, 2015 at 8:43am

Artex Oil Co., Noble County, Frec Nobl Brookfield A-3H, 31.6 million cubic fe
Consol Energy Inc., Noble County, Reserve Coal Properties Co. NBL19BHSU, 371.2 million cubic feet  must be some utica in noble county I  think you need to look at some geological maps .....the utica is under all of noble county and has potential in the future as completion technology is improved Noble holds alot of oil 

Permalink Reply by White Tiger on June 4, 2015 at 7:26am
There is 1 Utica well in Sharon township Noble county ohio that Anadarko drilled. There are other utica wells to the north and south as well.

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