Pin Oak buys SWEPI acreage in Mercer, Venango, and Crawford Counties,

according to shaledirectories.com     No price given.

“This transaction further bolsters the company’s deep Utica rights in the oil and wet gas windows of the play,” said Mark Van Tyne, Pin Oak’s chief business development officer. “The fact that the majority of the acreage is Hbp affords us time to more thoroughly evaluate the region as we high grade locations for economic development.”

The acquisition also included drilled and completed, but not online, horizontal Utica Shale wells, along with previously built, but not drilled, well pads, according to Pin Oak.

Pin Oak Energy’s net acreage position in Mercer, Crawford and Venango counties has increased to a total of 60,000, 5,500 and 7,100, respectively.

https://www.shaledirectories.com/newsletter/facts-rumors-newsletter...

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Replies to This Discussion

Permalink Reply by Ralph cramdon on April 5, 2019 at 2:04pm

Range and Halcon also spent $$$ in Crawford and are no longer drilling there ...

Permalink Reply by Jim Litwinowicz on April 6, 2019 at 2:20am

They are buying leases that are all held by production of old style shallow vertical wells.  That means they will get some cash flow from what these wells are producing with the addition of being able to sit on them for decades, if necessary,  until the deep gas becomes worth drilling. At least that is how I see it.

No one can predict the future.  Five years from now nat gas may be selling for double or even triple than it does now. If that happens, it will be drilling the Utica in these areas. But it may and probably will be longer before prices spike that high, IMO. Also depends on how many new pipelines serve the area, how many more cracker plants are built, will we convert trucks to burn LNG or CNG, and other future uses.

Permalink Reply by Ralph cramdon on April 6, 2019 at 2:59am

A lot of abandonment cost goes along with owning 'old ' wells 

Permalink Reply by Jed Clampett on April 25, 2019 at 11:21am

Is not SWEPI the exploration division of Shell, and they ARE building a cracker in the area, so why would they sell of acerage?  Seems they could just sit on it for decades also until needed for their cracker.  They SWEPI seems to have drilled some test wells in N Central PA and has just closed the valve and is saying "OK we know what we have, not telling you you anything else"

Permalink Reply by paleface on April 26, 2019 at 1:51am

Shell is actively trying to sell there Utica area in nc pa.They have bids they are considering.Its like a house with a for sale sign on it.

Permalink Reply by Ralph cramdon on April 26, 2019 at 2:02am

Very few new leases in Tioga by Shell in the past few weeks ........

Permalink Reply by paleface on April 26, 2019 at 4:43am

Yes.

Permalink Reply by paleface on April 26, 2019 at 6:47am

OT,was that meeting before the BG purchase.Since the purchase of BG Shell seems to have a different focus.

Permalink Reply by paleface on April 26, 2019 at 8:05am

OT,BG British gas co?

Permalink Reply by paleface on April 26, 2019 at 8:09am
Permalink Reply by farmgas on July 14, 2022 at 4:47am

How big is this Pin Oak gas company, and what influence do they have in the Armstrong & Indiana county area?  Their name seems to be popping up more frequently in this area.  Are they doing any drilling?  If they are just buying shallow gas wells & shallow gas rights how then will they be in a position for shale gas drilling without owning the deep gas rights?

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