Carroll County Busy & Productive Utica Shale Site Already, But It's Only Beginning

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And they're off!
Chesapeake Energy holds 1.35 million acres of land leases in Ohio, and has drilled or is in the process of drilling 56 wells - with 52 permits in Carroll County alone.  Those are just a couple of the numbers revealing Chesapeake's dominance of the Ohio Utica shale scene in the early going.

A new article from the Akron Beacon Journal reveals how much company Chesapeake is gaining in Ohio as more and more players snatch up land leases and come to the state to get their share of the wealth from the oil and gas rich Utica shale formation.  Enervest Ltd., Anadarko Petroleum Corp., Devon Energy Production Co, Hess Energy, XTO Energy Ltd. (an ExxonMobil Corp. subsidiary), Chevron Corp., HG Energy, CNX Gas Co. Ltd., Range Resources Corp., Anschutz Exploration Corp., Carrizo Oil & Gas, and Antero Resources have all also gotten in on the game.  More after the jump...

None of these companies hold the amount of land that Chesapeake does, but some do have sizable chunks of the 3.8 million acres that have been secured as the shale boom gains traction in our state.  Prices have topped $8,800 an acre in at least one case, but the article states that the price usually is around $2,500 an acre.

Projections are that Ohio will see 160 wells drilled this year, with 650 more in 2013 and 1,075 in 2015.  Yes, it really is just beginning, despite the flurry of activity that we've already seen.

Carroll County has been the epicenter of the Ohio exploration to this point, and it's paying off for Chesapeake.  The company has only released data for five Ohio wells, but reports that two wells in Carroll County produce a peak average rate of 700 barrels of oil and 3 million cubic feet of natural gas a day.  A typical Ohio well produces less than one barrel of oil and about 50,000 cubic feet of natural gas per day, so the bounty being reaped in Carroll County represents incredible production.

The article, written by Bob Downing, is a great read if you want a nice summary of where things stand now and an idea of where they are going.  Check it out and then come back here to comment on the amazing activity taking place in Ohio!

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