Rice Energy Announces Utica Shale Well Results; Provides Operational Update

http://www.marketwatch.com/story/rice-energy-announces-utica-shale-...

igfoot 9H Production Test

We are pleased to announce the production test results of our first operated Utica Shale well, the Bigfoot 9H.  After five days of flowback, the Bigfoot 9H stabilized at a rate of 41.69 MMcf/d of gas on a 33/64" choke with flowing casing pressures of 5850 psi.  Based upon a gas composition analysis, the heat content is 1086 Btu and therefore will not require processing.  We own an approximate 93% working interest in the well, which has an effective lateral length of 6,957 feet and was completed with a 40-stage frac.  We anticipate first production by early July and will produce the well into sales through our restricted choke program.

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Permalink Reply by justme1 on June 3, 2014 at 5:16am

I am still in the contract phase with Rice and my lawyer. My few acres are close to both Rice's BigFoot and Blue thunder. If I am not yet signed, do I miss out on getting into a unit? Things are just taking a while.

Permalink Reply by adam sorell on June 3, 2014 at 5:37am

Yes you won't be part of bigfoot unless they drill another well from the same pad  and include your land. . Bigfoot unit is less than 600 acres. 

Permalink Reply by Dave C on June 3, 2014 at 9:27am

Adam,

Is it possible that justme1 could end up being part of the production unit even though he isn't listed on the platmap as a mineral owner on these wells?  I read the thread "Drilling Unit vs production unit" and it seems like that is possible.

I don't believe the 9H "declaration of pooled unit" has not been processed at recorders office yet.

Permalink Reply by jason irvine on June 4, 2014 at 11:47am
Justme. Make sure you keep a good eye on everyone including your lawyer. RRemember the sqeeky wheel gets the most grease. You have what they want so don't be afraid to step in and make sure your rep. Doesn't ask for to much.
Permalink Reply by justme1 on June 4, 2014 at 12:21pm
Won't they charge me for every time I check in on the progress?
Permalink Reply by adam sorell on June 5, 2014 at 5:30pm

JustMe, I you have less than 10 acres you're wasting your money with a lawyer. I saw the Rice lease. Only thing to negotiate on is bonus money and shut in rental. Rice has market enhancement clause and they won't budge on that nor will anyone. Only one i saw with no deductions was GRE but they have a "including but not limited to" wording which I think is same as market enhancement

I presented the GRE lease to another company for negotiating. The other companies rep  said to me  " I have to admit, this GRE lease is Impressive."

But if they don't honor it it means nothing. GRE can't even honor the time limit on the bonus payment so to me that's a sign of things to come.

I would go with Rice. They are conservative and seem to make well thought out decisions.

AEP /Aubrey came in like gangbusters buying everything. I don't even think he drilled a well yet. Although I saw 2 guys with the AEP uniform today in St Clairsville in gray uniforms overalls , cammo baseball hats,cowboy mud boots and US flag patches on left shoulder My mind was thinking redneck. The tags on the truck were NY and the men were eating sushi with chopsticks inside a nissan pick up. I was expecting Oklahoma or Texas license plates,Ford,Chevy, Dodge diesel pick up  but they were in a nissan pick up with  New York tags.

Permalink Reply by evan on June 5, 2014 at 11:38pm
Aubrey took over drilling for rice on the Shugert daddy wells in Guernsey they have 5 or 6 well pads build it northern guernsey so they be drilling hard this summer
Permalink Reply by adam sorell on June 6, 2014 at 3:14am

I hope so.Hope they pay me the bonus also.

Permalink Reply by Renee E. Dorsey on June 4, 2014 at 4:57am

So Adam Sorell, do you work for Rice Energy?    

Permalink Reply by Renee E. Dorsey on June 4, 2014 at 5:47am

I have the utmost respect for Rice Energy.  A couple of weeks ago, I got to meet one of their top executives "Coach" at a business dinner and I was impressed.   He told this story about how he was hired in 5 or 6 years ago at 50K and worked his tail off, not leaving well pads for days at a time, just to 1) do a good job and 2) prove to his employer that he could be trusted and EARN it.

 Now he makes WAY over 50K/year, and is one of the go to guys in the company.          

So many people these days just want to walk in off the street and make big money right off the bat, without having to prove anything.    Completely the entitlement complex.   

Permalink Reply by mark main on December 4, 2015 at 6:09pm
My farm is the first one in Greene county that Rice Energy drilled on,and that was "coaches"first job.you would not believe the hours Toby and coach put in out here.heck I even seen them building silt fence by hand in the middle of the night.i would have to say whatever they make is well deserved and wasn't just handed to them!they really are good people!
Permalink Reply by searcherone on June 5, 2014 at 3:42pm

According to the CEO Big Foot is stabilized at 24 MMcfd.

Link to article:

http://www.bizjournals.com/pittsburgh/news/2014/06/04/rice-why-firs...

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