Thanks Bluflame. It’s kinda looking like Devon was not committed to the Utica as previously speculated on this forum. I guess they did accomplish one thing...... in 2012 every land owner in the oil window had dreams of signing up their acreage for $3000- $3500/ acre and now in 2017 landowners are rushing in to sign their acreage away for $100/acre. I suppose this is all part of the game.
Don’t count out a horizontal Clinton campaign from Cabot. There have been some real nice oil producers east of Fredericktown lately.
In my opinion you have it right. Anyone here remember or attend the big land owners group meeting that was held at the hotel in Mt Vernon about the time they were drilling the well down by Utica? What a circus that was, LOL. I attended for entertainment purposes only as I personally know one of the "highly concerned for our welfare" individuals who instigated it and I would not trust him any further than I could throw him. Turns out I was right as he and his other cohorts had cut themselves in for a few hun per acre from anyone foolish enough to sign them up as our agents. Hey,, all of us were going to get rich!!! A few hun per acre for them was a pittance lol.
If my land was in the center of the current scheme instead of on the fringe I would be sitting on my hands waiting to see what happens, that's for certain. A reasonable take on all of this is the speculators waited on the frenzy to cool off.
Maybe it’s nothing but these guys opened up an old deep well a couple years ago and frac’ed 26 feet of the Point Pleasant and got oil and gas. I thought it might be significant since the well was in Pike Twsp and the heart of where EOOG has been leasing. To my understanding the PP wouldn’t produce from a vertical well. Oh well just food for thought on this cold day.
Unfreakin believable. Utica shale?
i still say the Utica/PP oil window is still going to be profitable and developed.....just need to sit tight and wait.
Yep if you get let’s say 100,000 acres at $100/acre and get the deep rights to Pavonia, Lucas and Weaver Storage dirt cheap or JV and possibly buy out a couple struggling operators( Knox Energy/ Bi-Joe Development) you got a 1/2-1 million contiguous acres. That’s a huge step to being economical compared to paying big bucks to the east. The Utica is < 4000’ also so that is cheaper drilling and obviously the infrastructure for gas is there.
I think I read somewhere Chesapeake was paying like $10-$15/ acre for Carroll and Harrison County back in 2008-2009. I guess $100/acre is a good place to start. Maybe some speculators will drive the signing bonus up soon. I’m sure the word is getting out just because Cabot was so successful in Susquehanna County Pa. They seem to like to go where knowone else is and make it work. I was just reading their history there. Pretty incredible.
Below the Utica is the Point Pleasant. Other than that just guessing Trempeleau or Roserun????