Replies to This Discussion

Permalink Reply by Thomas Moss on November 26, 2013 at 6:56pm

there drilling these wells so they can lose money. just listen to the landman.

Reply by Marcus Grayson on April 5, 2013 at 1:34pm
Then they can lose 4x as much money as you initially thought. Good deal.

Permalink Reply by 0i7okn54zwbdo on November 27, 2013 at 10:16am

They're drilling these wells because the targeted formations have good historical production and positive economics.  If you think MFC/Abarta are going to spend a fortune cracking the code of low pressure oil then you don't understand the industry.  They'll drill conventional wells, make money and wait and see if anyone advances the technology enough to make this part of the Utica economical.  If no advances happen then they'll enjoy decades of production from their acreage and everyone involved--including the landowners--will share in the windfall.  No, the conventional wells won't make $10,000,000 in their first year, but everyone within the unti will have more money than they started with and MFC/Abarta will continue to do what they've always done before the boom times.  

Permalink Reply by James Vanderink on November 28, 2013 at 11:39am

Marcus, I appreciate your insight but these wells drilled by MFC/Abarta weren't meant to produce. The first two wells drilled in Knox and Huron were "dry and abandoned" without being fracked. The dates between drilling commenced and plugged are about 10-12 days. Wouldn't you say they are merely tests wells or pilot holes for future horizontal completions? Hell, who knows? I just don't see the commitment to produce from them at this point. I would expect the same from the Ashland well or Maybe they are just as unlucky as Devon at completions.

Permalink Reply by 0i7okn54zwbdo on December 3, 2013 at 12:25am

James,

The holes were dry and abandoned because they didn't hit what they needed to in order to spend the money on the frac. That happens with conventional wells sometimes.  It makes no sense to drill two wells just to get core samples and not produce them from a strata if possible.

Permalink Reply by James Vanderink on December 4, 2013 at 5:33am

"They're drilling these wells because the targeted formations have good historical production and positive economics."

You do realize that in the past 25 years in Ashland County that there were 3 wells drilled that are producing today from these "targeted formations" In those 25 years the 3 wells produced a whopping 3500 barrels of oil total. The MFC/Abarta joint venture was for one thing.

"Grantee and Grantor are parties to that certain Utica Shale Overriding Royalty Acquisition and Participation Agreement, dated August 17, 2012."

Permalink Reply by Jim on December 18, 2013 at 3:03pm

Update:  December 18, 2013.  The drilling rig is gone from the east side of I-71 and looks like it is now of the west side of the highway.  Heading north of I-71, I had to look back over my shoulder when there was a break in the tree line to see the rig for a brief moment.

Anybody with any information about the well just completed on the east side of I-71? 

Permalink Reply by James Vanderink on December 18, 2013 at 4:02pm

Damn, somebody should have told them about this new technology call Horizontal Drilling. I suppose with two open bores connected by a horizontal they could use some type of enhanced recovery method. Just thinking here. Are they Fracing the drilled well yet?

Permalink Reply by 0i7okn54zwbdo on December 19, 2013 at 12:27pm

People love it when others are condescending and smarmy.  That always wins out over facts.

Permalink Reply by James Vanderink on December 18, 2013 at 4:35pm

MFC did it back in 2005. Can you see if its a Maric Drilling Rig?

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