BP makes move in Ohio

This looks a little fishy to me.  Where in Ohio?  Has anyone heard of this transaction?

"On the same day as the North Sea asset divestment, it was revealed that BP acquired 84,000 acres in Ohio, prospective for the emerging Utica shale play. The consideration was undisclosed but is thought to be around $330 million, representing a cost per acre of just under $4,000. This represents a high price for a largely unproven play but early indications from Chesapeake’s exploration program indicate that the liquids-rich play could surpass that of the Eagle Ford in which the liquids-rich sweet spots demand in excess of $20,000 per acre."

This is from OGFJ.  Link below.

http://www.ogfj.com/mergers-acquisitions/weekly-update.html

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Permalink Reply by Craig Stull on July 5, 2013 at 8:56am

John, This is very old news, BP leased over 84,000 acres in Trumbull county well over a year ago. They started drilling in Trumbull back in march !

Permalink Reply by Sam Moore on July 5, 2013 at 8:57am
March 27, 2012
By Oil & Gas Financial Journal Staff
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BP (NYSE: BP) has entered the Utica Shale through an agreement to lease roughly 84,000 acres in Trumbull County, Ohio, the company said March 27.

Permalink Reply by MJ on July 5, 2013 at 5:04pm

They are slowly but surely going to develop the NE Trumbull and West Mecca area at least initially.  No - wait I just heard they are "pulling out of the area".  Sell your mineral rights quick before they are deemed "worthless"!  Just adding some Holiday sarcasm folks - Hang onto your hats - it will be a slow but lucrative ride for all.  Enjoy the weekend everyone!

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