EV Energy decides they want oil not gas

http://www.ohio.com/news/oil-ventures-could-tap-utica-shale-in-star...

A Texas energy company said Friday that it intends to determine how best to drill for oil in Stark and Tuscarawas counties in Ohio’s Utica shale.

EV Energy Partners said it wants to form one or more joint ventures with unnamed companies to determine the best way to get that oil to the surface, said executive chairman John B. Walker in a teleconference about its first quarter 2013 earnings and operations.

Walker’s company is proceeding with plans to sell off much of its Utica acreage.

A number of offers have been made for EV Energy Partners’ leases, especially in Carroll, Harrison, Guernsey and Noble counties, he said.

Offers have come from large and small companies but no deals have been completed, he said.

His firm has put about 104,000 acres in Ohio up for sale.

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Permalink Reply by Kangoo on May 11, 2013 at 5:05am

To anybody listening to the conference call yesterday, it's clear that EV Energy Partners really don't want to keep the acreage and try to develop it, but they have no other chance, since on the market they currently wouldn't get more than something like $500 per acre (whereas Harrison country acreage will sell for $10000-15000).

Question is of course wheather they'll be successful at what nobody else has managed, yet, which is to drill and economic well in the oil window.

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