Patterson well in S. Lawrence Co??

I know how rumors get started.  You heard it from a friend that heard it from his friends neighbor, that heard it from a cousin..so on and so on.  But the word on the street is the Patterson well in Lawrence Co. went thru the marcellus, and the Utica and is now hitting Crude Oil.  Any truth to it?  Thats what I would like to know.  Heard the Patterson family was notified that they better hire  REALLY GOOD financial planner.  Comments Please!

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Permalink Reply by Elnathan Cory on July 11, 2011 at 4:58pm
Why would they drill though in the first place and not turn the drill horizontally? Sounds unreal to me.
Permalink Reply by Bill anders on July 12, 2011 at 2:31am
if you look at the permit they do have plans to drill horizontally if they have not already.
Permalink Reply by craig on July 12, 2011 at 5:21pm

Bill, I must be blind, but for the life of me I can't seem to find where one can view the actual permit online....can you point me in the right direction? I assume it is on DEP somewhere.

Thanks

Permalink Reply by Jim Litwinowicz on July 12, 2011 at 3:36am

From what I am told, there is a quirk in Pa law  from the old days that says a driller must drill past the targeted zone and then come back up up frack or complete a well.  It was to allow for a dead zone for materials like water or rock to drop into without clogging the production zone. The companies want to get this changed but if this rumor of oil is true, they may want to keep doing this.

 

If this true about the oil, it would be great news for all of us landowners in Lawrence Co!

Permalink Reply by cheliped on July 12, 2011 at 6:33am
myabe the pattersons can post!
Permalink Reply by JoKlause on July 12, 2011 at 10:38am
That would be AWESOME!!
Permalink Reply by Jim Litwinowicz on July 13, 2011 at 7:39am
I don't know if the oil rumors are true but the word on the street is that Shell suddenly upped their offers to $3000/15% so something good must have happened!
Permalink Reply by JoKlause on July 14, 2011 at 3:25am
 Jim, I just got that email saying exactly what you posted about the lease offer.  Maybe since word is getting out about the Patterson well offers will be on the rise.  We can only hope it includes all of Lawrence Co.
Permalink Reply by Jim Litwinowicz on July 14, 2011 at 3:35am

Also, Shell may have increased their offer because of the efforts of Co-eXprise which brought a new player to the region that hadn't been here before. They offered $2600 and 17% on a much stronger lease. Nothing like competition.

 

The major companies seem to have decided to limit their activities to certain counties.  That limits competitive bidding. Having a new player put in a bid could have been the game changer.

 

It could have been the outside bid, could have been a huge payoff at the Patterson well, may have even been all the seismic work done by Geo-Kinetics showed better results than expected. Most probably a combination of all three.

 

More bids to come......

 

It is getting very interesting.....

Permalink Reply by JoKlause on July 14, 2011 at 3:42am
Love, Love, love it!!  I hope all the maps are true.  Lawrence Co is a wet gas zone.  I figured the Patterson well & the well in Colombiana Co in Ohio would make or break this area.  Lets keep our fingers crossed!
0jw0dsu4txfuvPermalink Reply by 0jw0dsu4txfuv on July 14, 2011 at 11:46am
Many times an Operator will drill and core a vertical well before drilling a lateral in a new field.
Permalink Reply by cheliped on July 15, 2011 at 1:42am
does everyone in a unit receive royalties from a vertical well or just the landowner where the vertical well is placed?

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