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Permalink Reply by James Vanderink on February 27, 2015 at 4:40am

https://dl.dropboxusercontent.com/content_link/okor4GW9KCdjvDpPp6od...

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Permalink Reply by James Vanderink on February 27, 2015 at 4:51am

Sorry i cant get the link to work. Says Artex may be looking for a partner or a private equity group to develop the area.

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Permalink Reply by Bluejack Farms on March 2, 2015 at 5:40am

Here it is.

By Noah Brenner Houston

 17 October 2014 00:00 GMT

Anadarko Petroleum is selling a large chunk of leases and all of its existing wells in the Utica shale to privately held Artex Energy Group in what sources indicate is part of the US independent’s move to exit the play.

Texas-based Anadarko transferred hundreds of leases across a series of counties in Ohio, much of which are considered on the western fringes of the Utica play, where operators have thus far failed to prove up an oily portion of the formation.

Of the 12 wells included in the deal, four are in Noble, three are in Muskingum, three are in Guernsey and two are in Coshocton counties.

Sources estimated the total value of the deal in the range of $200 million to $300 million.

At its peak, Anadarko’s position covered as much as 390,000 gross acres — estimated at more than 200,000 net acres — but it was scattered across a wide swath of the western Utica and the company had already whittled down its holdings through small transactions and lease expirations.

Anadarko’s outright exit is not surprising as the company’s interest in the play cooled and it allocated capital to more economic areas like the Eagle Ford and Niobrara tight oil formations.

However, as late as February of last year, Anadarko’s senior vice president of US onshore, Chuck Meloy, commented to investors that “early returns are pretty good” in the Utica, though he said overall results were under assessement.

Privately held Artex is one of the larger conventional drillers in Ohio and has actively worked with the large independents brought to the state by the Utica boom.

Sources in Houston indicated that Artex was expected to bring in a private equity-backed partner to help share the cost of the acquisition and future development.

The sale of the leases is actually part of a termination of a 2011 farm-in agreement between Anadarko and Artex that helped bring Anadarko into the play in addition to an organic leasing programme that began around 2010.

Artex also has a deal with Chesapeake Energy to explore the Rose Run formation on parts of the Oklahoma City-based independent’s western Utica acreage as well.

An Artex representative was not immediately available for comment.

Anadarko did reserve a smaller chunk of leases to the east that are considered more prospective for what has emerged as the southern fairway of the play.

However, sources indicated that the company was in late-stage discussions to sell those leases as well and fully exit the Utica.

An Anadarko representative was not immediately available to comment

Permalink Reply by Cy Hawkins on March 2, 2015 at 9:24am

After reading this entire thread again and the article written by Noah Brenner, why do I feel like Mr Brenner simply reads these blogs and uses the information for his articles? Please disclose all your info from your Sources in Houston Mr Brenner. Until then I will consider you a fraud.

Permalink Reply by James Vanderink on March 2, 2015 at 1:29pm

I'm on your bus Cy. Mr. Brenner is a GMS member. Let's give him a chance to respond before we get into name calling. Mr. Brenner..... you have the floor.

Permalink Reply by White Tiger on October 21, 2015 at 1:28pm

They have just completeted the seismic testing of Sharon township, Noble county, Ohio. They have about 1 year left on a lot of leases in Sharon twp . Tick-tock! Anyone have any info what they might do?

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