WHAT IS UP WITH THE UTICA WELLS BEING PLANNED AND DRILLED IN VENANGO COUNTY? IS THE PLAY OIL?

A lot of activity going on here. Is the play going to be oil? Anyone with any insight? 

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Permalink Reply by Jack F. Moreoil on November 15, 2012 at 10:02am

Attached is a spreadsheet from DEP website.  6 permits issued in Venango County from Aug. 1 to today.

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Permalink Reply by JREwing on November 15, 2012 at 1:16pm
There are actually seven. The Rainbow well isn't listed cause the DEP has it listed as conventional.
Permalink Reply by owner on November 15, 2012 at 10:55am

About a month ago 3d seismic testing was also conducted across my property.   They would not tell me who was paying for the sesmic testing, but someone must be interested.  

Permalink Reply by owner on November 15, 2012 at 11:04am

Does anyone know why Halcon will drill one vertical and one horizontal well from the same pad or are these two aplications for the same well, starting off with the vertical and then drilling a horizontal from the vertical? 

Permalink Reply by JREwing on November 15, 2012 at 1:19pm
Mark, they(the wells)are almost all listed with a vertical and a horizontal. I don't know the exact reasons why however.
Permalink Reply by John Stanton III on November 15, 2012 at 2:34pm
I spent most of the day on the phone with contacts. Everything points to a huge oil play shaping up for Venango County. Everyone wants to stay off the record, but it all adds up. Oil in the Utica will be the play here. Gas play will be secondary.
Permalink Reply by John Stanton III on November 15, 2012 at 2:39pm
North West Pa is one of the poorest areas of the state. Soon to turn in to one of the richest in the country.
Permalink Reply by owner on November 16, 2012 at 12:08am

John, you're making me smile.  I hope you are right!

Permalink Reply by Martha Stevens on November 16, 2012 at 4:16am
If halcon is "making a big play" in Venango, why are they NOT paying on all/ any of the property they signed 5-6months ago?
Permalink Reply by JREwing on November 16, 2012 at 4:44am

I don't think Halcon is making a big play in Venango.  They cherry picked leases in Venango based on geology and location just like they did recently in Mercer county.  Management is very smart and shrewd.  The company will be sold within 3 years per their chairman, Floyd Wilson.  He did just that with his last company, Petrohawk and made "B"illions.  They are drilling test/exploratory wells in Mercer, Crawford and Venango to prove reserves and build infrastructure(install pipelines).  They are doing the same thing in plays all over the country.  And when the company has proven results, it will be sold to Gulfport, Shell or one of the other big boys in the business.  All of their current well permits in all 3 PA counties are on  land that was held by old leases and assigned to them.  To my knowledge, there are no permits for lands recently leased.  They only have two rigs in the entire area with another due here in early 2013 and another possibly at the end of next year.    

Permalink Reply by Jim Litwinowicz on November 16, 2012 at 6:38am

Hard to figure what Halcon is up to.  They have turned down parcels directly adjacent to where they are drilling. And turned down parcels between areas they are drilling. Any idea how much land they have under lease? Is it enough to sell out to a major after they drill a few wells?

Permalink Reply by JREwing on November 16, 2012 at 7:28am

Jim, We have heard that "everything" is dependent on the success or lack thereof of the Allam well's first horizontal leg.  If it produces like they are expecting, I would expect them to immediately start picking up land surrounding the current units(total speculation on my part though).  At the moment, there are only 10 or so landowners involved in all 3 of the wells that surround Polk per the drilling maps from DEP.  They would need additional lands to drill more horizontal legs(I think).  You are indeed correct, their actions are mysterious for sure.  They do not share their strategy. 

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