Drilling Down
Carrizo Sells Trumbull, Mercer Leases for $43M
Monday, October 15, 2012HOUSTON – Carrizo Oil & Gas Inc. has sold the majority interest its mineral leases in Trumbull County, Ohio, and Mercer and Crawford counties in Pennsylvania to an unidentified third party for net cash proceeds of $43 million. Assets included in the sale are an existing drilling pad and approved well drilling permits associated with the leases.
The energy company announced the transaction this morning.
Lease Payments Climb as Oil, Gas Prices Drop
Monday, October 15, 2012TULSA, Okla. – Oil and gas bonus lease rates paid to mineral owners are rising, despite overall drops in oil and gas prices, and in the Utica shale region of Ohio, per-acre payments range as high as $8,200, finds a new report by Farmers National Co., an oil and gas management firm based here.
By comparison, lease bonus rates in Oklahoma were as high as $15,000 in the third quarter, the report states; in North Dakota, $14,000 and in Texas $13,000.
Gulfport Reports Best Utica Shale Results to Date
Thursday, October 11, 2012OKLAHOMA CITY – Gulfport Energy Corp. may have stumbled upon the hot spot of the Utica shale, as results from a well in southeastern Ohio may prove to be the most productive yet.
Gulfport reports its Shugert 1-H well in Belmont County tested at a peak rate of 4,913 barrels of oil equivalent per day, surpassing the results of its Wagner well in Harrison County, which recently tested at a peak rate of 4,650 barrels per day.
The Wagner well was regarded as the most productive drilled thus far in the Utica, but those results were beat by the performance of the Shugert site.
Chevron Issued Permit to Drill in Mercer County, Pa.
Thursday, October 11, 2012YOUNGSTOWN, Ohio – The Pennsylvania Department of Environmental Protection has awarded Chevron Appalachia LLC a new permit to explore for oil and gas in the Utica shale, the first for the energy giant in Mercer County.
Pennsylvania DEP records show that Chevron was awarded a horizontal permit Oct. 3 to develop a horizontal well in East Lackawannock Township at the Hurtt farm.