Assignment of 500+ leases to EOG recorded in December at the Trumbull County Recorder's Office.  EOG also picked up more than 4,500 acres in Hiram and Nelson Townships in northern Portage County.

 

Thoughts anyone?

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This is awesome.  As I said on another thread I absolutely love EOG (Hell, I loved 'em at $120 but wasn't smart enough to buy) and this changes everything up there.

They definitely know how to drill good wells that is for sure. Maybe EOG can come in and crack the code for the oil. They have drilled some great wells in the Eagle Ford and Bakken plays.

Who is Papa? :')

Thanks Dave, I was just being funny.

Look at my new post about EOG, i was surprised to see their signature a little in the oil window here, they maybe the ones.

Lets hope so. Portage, Trumbull, Geauga & Ashtabula have the oil - just need to get it out at an economical cost.

Boys, this may be it!  Keep the news wires open because they definitely will Tsun Tzu us all on this. 

agree this is good..........they seem to be the leaders in completion technology............in other plays, they are way, way more productive than their peers....wonder if they are picking up acres in other areas of the play.

Attached are the assignments recorded in Portage and Trumbull Counties.  MK reserved all shallow rights and an ORRI.  The assignment was actually made on 12/10/12 in follow-up to an "Asset Acquisition Agreement" signed between EOG and Mountaineer Keystone ("Uti-Key") back on 10/25/12.  Looks like MK has been acting as a front for EOG for at least a year now.

 

MK still holds lots of acreage in other townships.  Time will tell if they flip that to EOG as well.

Attachments:

That is excellent news for our landowners. Lets all keep the news flowing on the subject of EOG and the oil window !

Hate to burst your bubble here, but EOG did NOT acquire the deep rights. This is an old agreement whereby they retained the shallow (100 feet below the Clinton and above) on the leases they previously owned (many originally leased by Anchor) and the later leases of MK/Uti Key (originally leased by Reserve Energy.)

It would be nice in the event MK/Uti Key completely bail on the northern counties that EOG would step in and do shallow units but I wouldn't hold my breath on that and it would not be at the dollars we saw during the "land grab" era.

Furthermore, it is not uncommon nowadays to see the "T's crossed and the I's dotted" prior to release of leases. Sadly I'm seeing more assignments prior to releases in this area than development and new leases.  

Shallow rights, yes, does not include Utica or other deep formations.  Curious...

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