EID's Shawn provides an update on Antero's involvement in Ohio's Utica Shale:

"Antero Resources out of Denver, Colorado recently announced their capitol budget for 2013.  In their proposal, Antero plans to spend $149.5 million in exploration and production while operating two rigs in the Utica-Point Pleasant over the next year.  In addition to their operations for 2013, Antero also announced they have increased their proven reserves in the Utica-Point Pleasant to 123 Bcfe in the Utica Shale play based on Antero’s acreage position and results from their first three wells.

In the Utica-Point Pleasant, Antero has acreage in Guernsey, Noble, Monroe, Belmont and Harrison counties comprising of a total of 81,000 acres in the wet/condensate window.  Antero has also entered into an agreement with MarkWest to process their liquids at MarkWest’s Seneca plant, which is being constructed in Noble County.

Antero has already developed three wells in Ohio, which has given them the ability to increase their proven reserves.  The three wells – the Miley, Rubel and Sanford – all showed strong results according to a January presentation by Eclipse Resources, who they share a joint venture with in Ohio.  The Miley and Sanford wells are located in Noble County while the Rubel is located in Monroe County.  All three wells are shut in waiting for infrastructure to be built.

The Miley well, located just south of Seneca Lake in Noble County, was developed with a 6,300 foot lateral.  The well had an initial production rate of 7Mmcf a day with a composition of 36% natural gas and 64% liquids.  Given the mixture of natural gas and liquids, the well had an initial production rate of 3,222 barrels of oil equivalent a day making it Antero’s best well to date.  It should also be noted this well would also be larger than Gulfport’s Ryser well in Harrison County which produced 3,120 barrels of oil equivalent.

The Sanford Well, located in Northwestern Noble County, was developed with a 6,800 foot lateral.  The well registered an initial production rate of 1.8 Mmcf a day with a composition of 23% natural gas and 77% liquids.  Given the mixture of natural gas and liquids, the well had an initial production rate of 1,311 barrels of oil equivalent a day."

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