Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
STATE COLLEGE, Pa. -- Rex Energy Corp. reported Tuesday that as of Dec. 31 it had increased its proved reserves by 57% in the Appalachian basin to 1.3 trillion cubic feet equivalent of natural gas, natural gas liquids and oil in the Marcellus and Utica shale plays.
The bulk of these holdings are located in the company's Butler Operated Area in western Pennsylvania, the company said.
NEW YORK -- Depressed oil prices has caused Hess Corp. to reduce spending in the Utica shale and other plays across the country during 2015, the company announced this week.
"In the Utica, we plan to spend $290 million compared to $500 million last year, as we transition to early development at a measured pace in this price environment and as infrastructure builds out," says Greg Hill, president and chief executive officer.
YOUNGSTOWN, Ohio -- Permits for new horizontal wells in eastern Ohio's Utica shale has slowed over the last two weeks, reflecting caution among energy companies wrestling with a market impacted by lower oil prices.
Eight permits were issued to companies for the week ended Jan. 24, according to the Ohio Department of Natural Resources, all of them in the southern tier of the Utica play.
STATE COLLEGE, Pa. -- Rex Energy Corp. has placed the six-well J. Hall pad in Guernsey County, Ohio, into sales at an average rate of 2,365 barrels of oil per day, per well. The company says its Utica wells produced 43% natural gas liquids, 36% dry gas and 21% condensate.
The six wells on the pad were drilled to an average lateral length of approximately 4,900 feet and tested 600-foot spacing between the laterals on the pad, the company said. The wells were completed with an average of 32 frac stages and sand concentrations exceeding 2,000 pounds per foot.