Stat Oil

Has anyone heard anything about Stat Oil pulling out of W.V.?

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Mike MurphyPermalink Reply by Mike Murphy on May 13, 2016 at 5:40am

EQT Corp. announced a $407 million deal on Monday to buy the rights to develop shale gas on some 62,500 acres in West Virginia.

The Downtown-based company, which alluded to a potential deal last week during a company earnings call, is buying the assets from Statoil USA Onshore Properties Inc. The deal includes land in Wetzel, Tyler, and Harrison counties and 31 Marcellus wells, of which 24 are currently pumping out 50 million cubic feet of natural gas daily.

Company leaders said there were a number of asset packages floating around in the market that might be attractive to EQT as it looks to strengthen its core operating area, which spans large parts of Allegheny, Washington, Westmoreland and Greene counties in southwestern Pennsylvania, and half a dozen counties in northern West Virginia.

“For the most part, we happen to be focused on transactions that are relatively small in nature,” EQT’s CEO Dave Porges told analysts last week.

The deals being looked at by the company allow it to capitalize on its current assets, he said.

The Statoil deal, for example, will allow EQT to more than double the size of the horizontal wells it had planned to drill from land it already controlled. The longer laterals will continue under its new holdings, the company said.

Permalink Reply by Linda R. Gates on May 14, 2016 at 10:10am

Yes EQT had acquired the Stat Oil leases that Statoil operated.

Permalink Reply by S S C on May 14, 2016 at 11:08pm
What about Marshall County?
Permalink Reply by Thomas Gary Moore on May 15, 2016 at 8:49am

I heard.............all of W.Va.!

Mike MurphyPermalink Reply by Mike Murphy on May 15, 2016 at 10:35am

......I wouldn't think they would buy all around it and not buy  it too almost sure they now own Marshall county holdings  being that it borders greene and Wetzel counties

By Sarah Tincher, Energy Reporter

Connect

Posted: May 04, 2016 12:00 PM EDT

Updated: May 04, 2016 12:08 PM EDT


 

Statoil ASA, a Norwegian oil and gas producer, has decided to sell its Marcellus Shale assets in West Virginia to Pittsburgh, Pennsylvania-based EQT Corp. for $407 million.

The agreement, announced May 2, includes 62,500 net acres primarily located in Wetzel, Tyler and Harrison counties, as well as current natural gas production of 50 MMcfe per day from Statoil USA Onshore Properties Inc.

The acquisition, which is expected to be completed in July, includes existing Marcellus production and about 500 undeveloped locations that are expected to have an average lateral length of 5,600 feet

This addition to EQT’s portfolio falls in line with its existing development area, extending the lateral length from 3,000 feet to 6,500 feet, the company stated. The company expects this expansion to reduce overall costs and “deliver stronger well economics.”

EQT also said the deal increases its core undeveloped Marcellus acreage by 29 percent.

Statoil said it will still retain its Marcellus operations in Ohio

Sounds like they are totally leaving West Virginia to me

Mike MurphyPermalink Reply by Mike Murphy on May 15, 2016 at 11:15am

Statoil came to this country after oil  the company is owned 67% by the government so they are focused on oil ,,,,like what the ohio UTICA holds so they are leaving the Marcellus and going after the wet and oily Ohio Utica........ look for them to buy up CHK acreage  in the oil window that has hardly been developed there are wells on the edge of the oil window that have produced over 100,000 bbl of oil

Permalink Reply by G.H. on May 15, 2016 at 9:57pm

Interesting, do you have any source for that info (that they are after oil)?  Not questioning its accuracy, just want to read more about it.

Permalink Reply by searcherone on May 15, 2016 at 5:07pm

Presently the acreage that Statoil owns in Ohio is in the riverfront area of Monroe County, lots of it in Ohio and Salem townships.    The Utica is dry in that area and the Marcellus is wet.   Probably less than 10,000 acres.   Time will tell if they sell out completely or buy more acreage.   Statoil recently paid 250k fine for the fire on the Eisenbarth well pad 100k went to Monroe County for fire and emergency purposes.

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