Well, it has been 6 months today since any posts on this group. Is there nothing new to report? See that oil is staying above $40.00 per barrel and that is good. I see gas is also north of $2.00 and that is good. I have not even heard of any new Clinton wells around here, They have lasted over 40 years in part of Trumbull county. Horizontal Clinton wells have been done in other parts of the state recently.
I wish that there was something going on to talk about, unfortunately its been very quiet. We are not the only ones though. Only the very easy and prolific areas to produce (southern counties) are moving forward at all, and even then, not very energetically. The Saudis threw a pretty wet blanket over the fire by driving oil prices down. The only bright spots I can see are - 1, Hilcorp is steadily and quietly working away just across the county line in what is considered to be in the (much vilified) Northern Utica. They have figured something out, or they wouldn't be there. 2. Serious and recent studies done at West Virginia University place most of Mahoning county, and a lot of Trumbull county in what they label the Northern Sweet Spot. I don't think that they are referring to our sunny dispositions. 3. The Utica formation under us is thick, and not going away.It just seems less profitable to produce than the southern region with present technology. 4. Tech is improving. The laterals for the Trumbull wells are approx. 3000 ft long. They were test wells. A lateral was recently drilled down south that was 18,500 ft long. I'm no genius, but I bet that is going to be far more productive.
I think that the majority of ALOV leases close out in April of next year. By all indications, they will be allowed to expire. It will be interesting to see if any landmen come sniffing around before or after the leases close. They will explain to us that our mineral rights aren't worth much. I will not plan to fall for that. If they are at your door at all, it's because there is something of serious value that they want. They will not be honest about it.
This would be a good time to contact the Youngstown lawyer that wrote the ALOV & SURE leases (Alan Wenger, Harrington Hoppe & Mitchell) to see if he will be putting together another Land Group.
My neighbor wants to have a lawyer help coordinate his Chesapeake lease Release and be included in another Land Group when the leasing starts again.
There should have been safety in numbers when we leased with a Land Group, but only a few people in the area were aware of Chesapeake Energy's past performance, and who knows, maybe some Antitrust took place during the auction since Aubrey was involved.
The ALOV Lawyer was on Channel 27 Youngstown May 2nd discussing the importance of Releasing an expired lease.
Well it has been a couple of more months and oil is about $46.00 per barrel and gas is about $2.75 per mcf. Still have not heard of anything going on around here and things are also very slow to the south.
Anything new on the horizontal Clinton wells that are permitted?
Needless to say, it's been terribly quiet here lately. This article was written 8/3/17 though, and it includes activity in Trumbull county and the Northern Utica/Point Pleasant formations . Definitely worth a read. Pin Oak Energy, a five-acre field office with a yard in Hermitage, Pa. Follow the money. Interesting at least.
The gold rush is probably over, but it seems that prospecting will continue if conditions allow. Good luck to all.
Did they buy any of the assets in OH?
Is there any news on the horizontal Clinton wells that are permitted? Have any of them been drilled and if so what have you heard about the results? Any other news?