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NewsLetters

Expo/Industry events for the next few months

Shale Insight 2015
September 16-17, 2015
Philadelphia, PA

http://shaleinsight.com/

Midstream PA 2015
October 1, 2015
Penn State

http://midstreampa2015.com/

Utica Summit III
October 13, 2015
Canton, OH

http://www.uticasummit.com/

DUG Eagle Ford + MIDSTREAM Texas
October 25-27
San Antonio, TX

http://www.dugeagleford.com/

Latest facts and a rumor from the Marcellus and Utica Shale

  • Will the Marcellus and Utica bounce back in 2016?  As I talk to people throughout the region, everyone seems to be somewhat optimistic about 2016.  I know more bids are going to more companies which should bode well for more drilling.  The permitting activity seems to be picking up in OH and PA.

    A few people in the industry think the E&P Companies will be hitting the declining curves with some of their wells which will require more drilling.  It appears that a good portion of the drilling will be from existing well pads rather building new ones.
     
  • Noble shuts down drilling in the Marcellus.  Noble Energy, a leading independent operator with 350,000 net acres in the Marcellus Shale is shutting down drilling in the shale gas play. Completions will still be carried out.

    With all the focus on oil prices, it's easy to forget that natural gas remains structurally depressed with a difficult outlook ahead. There is nowhere to hide.

    The Marcellus is the second largest US onshore play in Noble's portfolio (DJ Basin is the biggest at 410,000 acres). But at natural gas prices under $3, the operator is ditching the 3 rigs it currently has running in the region (2 under a JV).

    The company will continue to frac the play. Noble has built up a completion inventory, and they will ramp up frac jobs during the second half of the year. This should drive production slightly higher in 2016 even with the drilling cessation.
     
  • Pioneer keeps drilling.  Pioneer, a leading E&P in both the Permian Basin and Eagle Ford shale, is not backing down from its growth plans, not intimidated by its critics (like David Einhorn), and not terribly concerned about this whole new low-oil-price-thing.

    Undeterred by the recent commodity double dip that has sent oil back to $45, the company rebelliously plans to grow production on a $90-oil trajectory. They are not deferring their planned drilling re-acceleration even after July's 25% fall in WTI price.
     
  • Halliburton working to make the Baker Hughes deal happen.  Houston, Texas-based oilfield services firm Halliburton on Sunday announced it has certified substantial compliance with the U.S. Department of Justice’s (DOJ’s) second request for information concerning the company’s $34.6 billion acquisition of competitor Baker Hughes.

    Halliburton’s quarry, Baker Hughes, certified substantial compliance with its second request for information on July 14. Both companies received second requests from DOJ in February. The potential partners say they continue to work “constructively” with DOJ on its investigation into the merger, Kallanish understands.

    Halliburton also confirmed the company filed the standard notification form required for merger approval by the European Commission on July 23. On July 31, Halliburton received notice from the EC requesting additional information.

    Halliburton said it’s fully committed to closing the acquisition in late 2015, though the acquisition agreement provides that the closing can be extended into 2016, if necessary.
     
  • Bakken update.
    • Lower rig and completion numbers have not caused a rollover in U.S. oil production.
    • Marked improvements in well design plus high grading have been very effective in producing more resources per foot.
    • Mega-fracs are also increasing production in adjacent wells through communication.
    • Given the change in U.S. oil well economics, we may need to retest 52-week lows to get meaningful production off the table.
    • New well designs have changed the current decline curve, further skewing U.S. production estimates.
       
  • Rex Pipeline moves Utica gas to Illinois. One of the largest natural gas pipelines built in the United States will start full scale shipping of natural gas from Ohio to the Midwest on Saturday.  

    Those shipments to the Chicago area and elsewhere are expected to have a big impact on natural gas movements in the United States and Canada, according to experts.

    “That is really a big deal,” said Shawn Bennett, executive director of the Ohio Oil and Gas Association. “It’s huge.

    ”It will provide a new means for Ohio drillers to get their natural gas out of Appalachia and to get better prices than they are getting now, he said. Ohio drillers have been getting depressed prices because of limited shipment options, he said.

    The Utica and Marcellus shales together are producing 25 percent of the natural gas in the United States today, and natural gas prices in the region are among the lowest in the country, he said.

    The 1,698-mile Rockies Express Pipeline (REX) previously was used to ship natural gas from Colorado and Wyoming to Ohio. But the shale boom in Ohio, Pennsylvania and West Virginia has reduced the demand for natural gas shipped east in the pipeline.

    It will start moving 1.8 billion cubic feet of natural gas per day from Clarington in eastern Ohio to Moultrie, Ill. There have been limited east-to-west shipments for about a year.

    It will also be able to continue west-to-east shipments.
     
  • WPX Energy 2nd Qtr. Update.  WPX Energy’s second-quarter 2015 results reflect 38 percent growth in oil volumes vs. a year ago as the company successfully executes on the transition of its historically gas-weighted portfolio to more oil production and more oil inventory.

    Total liquids production hit a new high for the company, averaging 52,400 barrels per day in the second quarter. Oil and natural gas liquids (NGL) volumes accounted for 32 percent of the company’s overall production and 57 percent of product revenues.

    Second-quarter 2015 reported financial results reflect higher liquids production, a gain on the sale of transportation contracts in the Northeast and a 16 percent decrease in cash operating expenses, excluding exploration and DD&A expense, vs. a year ago.

    These benefits were offset by a 42 percent decrease in product revenues from significantly lower commodity prices and a net loss on derivatives that reflect non-cash changes to the fair value of WPX’s hedging positions.

    During second-quarter 2015, WPX participated in the completion of 56 gross (41 net) wells, including 28 in the Piceance Basin, 15 in the San Juan Gallup oil play, three in the Williston Basin and 10 gross non-operated wells.

    For the first half of 2015, WPX participated in the completion of 110 gross (87 net) wells, including 48 in the Piceance, 30 in the San Juan Gallup oil play, 12 in the Williston Basin and 20 gross non-operated wells.

    Drilling activity during second-quarter 2015 was comprised of 48 gross (33 net) spuds, including 14 gross (nine net) in the Piceance, 18 gross (18 net) in the San Juan Basin including 16 Gallup oil wells, seven gross (six net) in the Williston Basin and nine gross non-operated wells.

    WPX’s first-half capital expenditure activity was $435 million, including $138 million in second-quarter 2015.

    WPX continues to proceed with plans to add two rigs in the Williston Basin this year. One rig is moving onto location in mid-August. The second rig is scheduled to deploy in November. Both rigs are on well-to-well contracts. WPX also is resuming completions on an inventory of 14 Williston wells that were previously drilled but not completed.

    Funding for additional Williston activity primarily is derived by redeploying cost savings the company is incurring and reallocating capital from its Piceance Basin operations to its Williston development.
     
  • Chesapeake cutting back in OH.  Chesapeake Energy Corp. has decided to cut back on its operations in Ohio until the pipeline that will deliver its Ohio natural gas to the Gulf Coast is completed.

    Last month, Chesapeake announced it would begin cutting back its Utica Shale gas production by 100 million cubic feet per day.  According to Chesapeake executives, until November, when the Ohio Pipeline Energy Network is planned to be online, the company will up its cut backs to 275 million cubic feet per day.

    As reported by the Columbus Business First, the Appalachian region “is awash in natural gas because of the incredible production from the Utica and Marcellus shale plays, and that means drillers aren’t getting the prices they want when they try to sell it here. Chesapeake is choking or shutting-in wells instead of selling low.”
     
  • Carrizo 2nd Qtr. Update.  Carrizo Oil & Gas, Inc.  announced the Company's financial results for the second quarter of 2015 and provided an operational update, which included the following highlights:
    • Record Oil Production of 22,284 Bbls/d, 21% above the second quarter of 2014
    • Total Production of 36,118 Boe/d, 8% above the second quarter of 2014
    • Loss From Continuing Operations of $47.0 million, or ($0.92) per diluted share, and Adjusted Net Income (as defined below) of $20.4 million, or $0.39 per diluted share
    • Adjusted EBITDA (as defined below) of $127.5 million
    • Raising 2015 crude oil production growth target to 19%
       

In the Eagle Ford Shale, Carrizo drilled 20 gross (16.8 net) operated wells during the second quarter, and completed 17 gross (14.1 net) wells. Crude oil production from the play rose to more than 18,900 Bbls/d for the quarter, up from approximately 18,700 Bbls/d in the prior quarter. At the end of the quarter, Carrizo had 26 gross (21.6 net) operated Eagle Ford Shale wells waiting on completion, equating to net crude oil production potential of approximately 8,100 Bbls/d. The Company is operating three rigs in the Eagle Ford Shale, but plans to reduce this to two by the end of the quarter. Carrizo currently expects to drill approximately 69 gross (62 net) operated wells and complete 65 gross (58 net) operated wells in the play during 2015.

With the addition of the two newbuild rigs that the Company took delivery of earlier this year, Carrizo has been able to dramatically improve its drilling efficiency in the Eagle Ford Shale, and is now drilling approximately 2.5 longer-lateral wells per rig per month, up from approximately 2.0 in the first quarter. These incremental efficiency gains coupled with further service cost reductions have allowed the Company to reduce well costs more than anticipated. Carrizo currently expects completed well costs for a 6,100 ft. lateral well to average $4.8 million in the play, down from $5.6 million previously.

In the Utica Shale, Carrizo did not drill or complete any operated wells during the second quarter. Oil and condensate production during the quarter was more than 600 Bbls/d, a material increase from the first quarter as the two-well Wagler pad was hooked-up to sales during the quarter. While Carrizo does not currently plan to drill or complete any additional Utica Shale wells this year, it is actively working on ways to reduce costs in the play once it resumes drilling operations.

  • Rex making adjustment and Consol lays down its rigs.  Rex Energy is planning to sell assets and partner up with other companies to develop its remaining acreage as it hopes to weather the downturn in the oil and gas sector.

    The State College-based driller also plans to continue to drill with a single rig through 2016 — a plan it initiated at the beginning of the second quarter.

    Rex is hardly alone in scaling back its drilling program in light of slumping commodity prices. Texas-based Noble Energy Inc. said it will stop drilling new Marcellus wells as part of its joint venture with Consol Energy Inc. Meanwhile, Cecil-based Consol announced it will lay down all of its rigs for at least 18 months.
     
  • Stone Energy 2nd Qtr. Update.  Stone Energy had a second quarter 2015 adjusted net loss of $9.4 million, or $0.17 per share, before pre-tax non-cash impairment charges of $224.3 million ($143.5 million net of taxes).  The impairment charge was primarily due to lower oil, NGL and natural gas prices used in calculating the full cost ceiling and impairment due to an unsuccessful exploration venture in Canada.  After impairment charges, the reported net loss was $152.9 million, or $2.77 per share, on oil and gas revenue of $149.5 million, compared to net income of $4.4 million, or $0.08 per share, on oil and gas revenue of $205.0 million in the second quarter of 2014.

    Appalachian Basin (Production Update).   

    During the second quarter of 2015, Stone averaged approximately 144 MMcfe per day (94 MMcf per day of gas and 8,300 barrels per day of liquids) from its Marcellus and Utica shale positions, which excludes the 18 MMcfe per day of prior period volumes attributable to the working interest’s adjustment.   Stone currently has a total of 25 drilled wells where completion operations have been suspended until pricing and margin improvements can be realized.  A natural decline in production is expected from Stone's Appalachian basin assets throughout the remainder of 2015 as a result of suspended drilling and completion operations, but an increase is expected in annual Appalachian production from 2014 to 2015.

    Appalachian Basin (Drilling Program Update

    Stone finished drilling the horizontal sections of six Marcellus shale wells in early 2015 before releasing the Marcellus shale drilling rig and has ceased all further drilling operations until receiving a fit-for-purpose, hybrid rig in late 2015 or early 2016.  The new rig will be capable of drilling in both the Marcellus and Utica shale formations.  Stone will be evaluating optimal development plans of the Marcellus and Utica shales in the interim.
     
  • Warren Resources 2nd Qtr. Update.  Warren Resources  reported its second quarter 2015 financial and operating results, including a net loss of $85.3 million, or ($1.05) per basic and diluted share, which includes a non-cash ceiling test write-down of its oil and gas properties totaling $83.5 million. This compares to net income of $10.8 million, or $0.15 per basic and diluted share, reported in the second quarter of 2014. Second quarter 2015 adjusted net income* was $2.7 million compared to adjusted net income of $11 million in the second quarter of 2014.

    In addition, Warren's cash flow from operations in the second quarter of 2015 was $7.0 million, compared to $23.9 million in the second quarter of 2014. The Company's discretionary cash flow* was $8.1 million, compared to $22.1 million in the prior year period.

    Marcellus net production volumes in the second quarter of 2015 were 6.3 Bcf, or 69.7 MMcf/d, which exceeded internal expectations.

    Realized natural gas prices averaged $1.58/Mcf in the Marcellus in the second quarter of 2015, compared to $2.42/Mcf in the first quarter of 2015, and $2.90/Mcf in the fourth quarter of 2014.

    Our capital expenditures totaled $2.9 million in the Marcellus in the second quarter of 2015, which were largely related to drilling the two Upper Marcellus wells. Completion operations commenced for both Upper Marcellus wells in July 2015, and we expect completion operations to be finished by mid-August 2015. If successful, these Upper Marcellus wells could set up approximately 48 additional well locations over our acreage block and contribute to a significant addition of proved developed and proved undeveloped reserves. No reserves are currently booked for our Upper Marcellus locations.

    The Marcellus business unit continues to be a strong contributor in driving operational efficiencies, with drilling AFEs for the two Upper Marcellus wells coming in 5% under budget. We remain focused on identifying further efficiencies in CAPEX and future drilling locations and also lease operating expenses ("LOEs").
     
  • Penn Virginia could be close to bankruptcy.  According to Seeking Alpha, Penn Virginia headquartered in Pennsylvania, has been in business since 1882. Usually, companies with that kind of staying power rarely go into bankruptcy unless there is a severe economic crisis in the country. But it seems that it merely took a decline in the price of oil to the $50 range to push this company to the brink of insolvency.

    The problem with the company is a long series of mismanagement that has led the company to purchase low-quality exploratory wells in Pennsylvania's Marcellus Shale, and absolutely terrible natural gas interests in the Haynesville Shale and Cotton Valley Sands of East Texas that hemorrhage cash. The company bandies about the assets it owns-115 million barrels of oil equivalent, 738 productive wells, and 224,000 acres of leasehold and royalty interests-but the company repeatedly fails to mention that these assets generate losses even in good times.

    People who look at Penn Virginia's losses of $400 million over the past twelve months might conclude that is the price you must pay for exploring and producing natural gas during a downturn in the commodities cycle. But that kind of logic ignores the fact that the company's ownership interests in the Marcellus Shale, Haynesville Shale, and Cotton Valley Sands are so inferior that they cannot even generate profits in the good times.
     
  • EQT focus on Utica.  Like the first well there, it would be drilled off an existing Marcellus Shale pad. It plans to drill another Utica well in Wetzel County, WV based on information from NGI.
     
  • Antero 2nd Qtr. Update.  Antero Resources reported that its natural gas equivalent production grew by 67 percent from a year earlier but was flat from the previous quarter.

    That’s because the drilling company has deferred 50 well completions in the Marcellus Shale because of a needed gathering pipeline. That delay had been announced earlier this year.  

    Getting those wells into production will provide the company with a $150 million boost in 2016, and Antero Resources is expecting production growth to jump by up to 30 percent in 2016, officials said.

    The company, one of the biggest players in Ohio’s Utica Shale, reported a financial loss of $145 million or 52 cents a share during the second quarter. That compares to a $42 million loss or 16 cents a share in the second quarter 2014.

    Antero Resources is projecting a slight drop in production in third quarter 2015.

    The company produced 1,484 billion cubic feet of equivalents per day in the quarter that ended June 30. . That total includes nearly 46,000 barrels per day or about 18 percent of production. That represents a 127 percent increase from a year ago and a 15 percent jump from first quarter 2015.

    Antero Resources had trimmed its capital budget by 49 percent in 2015. It cut its rigs from 21 to 10 and cut completion crews from 10 to 7 as commodity prices dropped.

    The company has drilled 68 Ohio wells and has four rigs drilling in Ohio. It completed 10 Ohio wells in the second quarter. The average lateral in those wells was 10,600 feet in length.

    Those 68 Ohio wells produced 244 million cubic feet of equivalents per day in second quarter 2015. That included 11,900 barrels per day of liquids.

    The company plans to drill another 35 Utica wells in Ohio in 2015. That includes two seven-well pads and one 6-well pad.

    It has drilled 413 horizontal wells in the Marcellus Shale in Pennsylvania and West Virginia.

    Earlier this week, it drilled its first Utica Shale natural gas well in Tyler County, W. Va. It will be several months before results will be released.

    The company has more than 543,000 acres in Ohio, Pennsylvania and West Virginia.

    The company has also recently acquired 4,400 acres with potential in both the Utica and Marcellus shales in West Virginia’s Tyler County. The purchase price was $33.6 million.

    The company has reduced Utica drilling time from 34 to 30 days. It is spending about $1.3 million per 1,000 feet of laterals.

    It has recently committed to ship natural gas starting in 2018 with Columbia Pipeline’s Mountaineer Xpress and Gulf Xpress pipelines.

    It has reduced drilling costs by 16 percent in the Marcellus Shale and 18 percent in the Utica Shale, said chairman and CEO Paul Rady. His company is positioned to “weather the (economic) storm,” he said.

    In the Utica, about 65 percent of the savings came from cuts in well service costs and 35 percent came from operating efficiencies, he said.

    ExxonMobil said Thursday it has executed two agreements to obtain horizontal development rights in 48,000 acres in the core of West Texas’ Midland Basin, Kallanish understands.

    The identity of deal participants and amount of money involved weren’t revealed by the world’s largest publicly-trade oil and gas company.
     
  • Exxon does Permian deal.  The two agreements include an acquisition and a farm-in agreement on land adjoining ExxonMobil unit XTO Energy’s existing acreage position in Martin and Midland counties. The acreage will be operated by XTO.

    “We are continuing to grow our position in a prolific area of the Permian Basin,” said Randy Cleveland, president of XTO. “The recent emergence of strong Lower Spraberry results, combined with the established Wolfcamp intervals, demonstrates the significant potential of the stacked pays in the Midland Basin core.”

    ExxonMobil has executed five agreements in the Midland Basin since January 2014, providing the company with over 135,000 operated net acres.
     
  • Oneok connecting wells in the Bakken.  U.S. oil and gas company Oneok's CEO said Wednesday the company expects to connect more than 700 wells in the Williston Basin in North Dakota in 2015, and forecast connecting more than 600 in 2016.

    CEO Terry Spencer said the company connected more than 260 new wells in the Williston in the second quarter, bringing its year-to-date total to more than 560 new connections, Kallanish finds.
     
  • Magnum Hunter 2nd Qtr. Update.  Oil and gas production increased 20% for the three months ended June 30, 2015 to ~11.5 Bcfe (~1.9 MMBoe), or an average of ~126.0 MMcfe (~21.0 MBoe) per day (68% natural gas, 17% NGLs and 15% oil), compared with production of ~9.6 Bcfe (~1.6 MMBoe), or an average of ~105.3 MMcfe (~17.5 MBoe) per day (58% natural gas, 27% oil and 15% NGLs) for the three months ended June 30, 2014. The increase in production was attributable primarily to the Company's expanded 2014 drilling program in its core areas of operations and higher production volumes from its Marcellus Shale and Utica Shale wells.

    Magnum Hunter reported a decrease in oil and gas revenues of 60% to $33.4 million for the three months ended June 30, 2015, compared with $83.8 million for the three months ended June 30, 2014. Revenues decreased during the quarter ended June 30, 2015 due primarily to decreases in the prices received for oil, natural gas and NGLs, partially offset by higher production volumes from the Company's Marcellus Shale and Utica Shale wells.

    The Company reported a net loss of ($30.5) million attributable to common shareholders, or ($0.15) per basic and diluted common shares outstanding, for the three months ended June 30, 2015, compared with a net loss of ($80.0) million, or ($0.43) per basic and diluted common shares outstanding, for the three months ended June 30, 2014.

    Marcellus Shale

    Magnum Hunter currently has approximately 44 net horizontal wells producing from the Marcellus Shale. As of January 1, 2015, Magnum Hunter chose to stop all drilling and completion operations in the Marcellus Shale play due to the drop in commodity prices and the expectation that a significant reduction in service related costs would occur. The Company has five new Marcellus Shale wells which have been top hole drilled in West Virginia but not yet completed.

    Utica Shale

    Magnum Hunter currently has four net horizontal wells producing from the Utica Shale. As of January 1, 2015, Magnum Hunter chose to stop all drilling and completion operations due to the drop in commodity prices and the expectation that a significant reduction in service related costs would occur. Two net Utica Shale wells have been drilled, and three net Utica Shale wells are in various stages of the drilling and completion phase. The Company anticipates these wells will be put on production prior to year-end 2015.
     
  • Range 2nd Qtr. Update. The highlights are:
    • Production volumes reached a record high, averaging 1,373 Mmcfe per day, a 24% increase over the prior-year quarter.
    • Unit costs declined $0.36 per mcfe, or 11% compared to the prior-year quarter.
    • Two Marcellus dry gas wells in southwest Pennsylvania were turned in line, each at 34.2 Mmcf per day, 1.8 Bcf per well of cumulative production in 90 days.
    • Full-year 2015 capital budget of $870 million is on track to deliver 20% annual growth.
    • Spectra's Uniontown to Gas City project is anticipated to open ahead of schedule allowing Range as anchor shipper to move approximately 170 Mmcf per day of net natural gas production, or approximately 28% of its average net second quarter production in the southwest Marcellus, to Midwest markets with improved realized prices.
    • Mariner East I expected to start the commissioning process in late third quarter expanding Range's access to NGL markets outside the Appalachian basin with Range being the only producer directly holding capacity on the project.


Southern Marcellus Shale Division --

Production for the second quarter averaged 963 net Mmcfe per day for the division, a 35% increase over the prior year. The division's second quarter net production included 585 Mmcf per day of gas, 53,238 barrels per day of NGLs and 9,807 barrels per day of condensate. During the second quarter, 41 wells were turned in line in southwest Pennsylvania, with four wells in the super-rich area, 25 wells in the wet gas area and 12 wells in the dry gas area. For Marcellus wells brought on line in the second quarter, the average working interest was 97% net, and the average net revenue interest was 81%.

The Company brought on two dry gas wells in eastern Washington County during the second quarter. The 24-hour production rates for the two new wells averaged 34.2 Mmcf per day per well. The average lateral length of the wells was 9,074 feet with an average of 45 stages. The average seven-day and 30-day rates for the two wells were 30.1 Mmcf per day and 21.9 Mmcf per day, respectively, constrained by the production facilities and the gathering system. These two wells have been on production for 90 days and have produced approximately 1.8 Bcf each.

The previously announced Utica Shale well in Washington County, Pennsylvania continues to produce on an interruptible basis as permanent infrastructure is being constructed. The Company is currently completing its second Utica well on the same pad and expects to produce it, on a rate-restricted basis, into the newly constructed infrastructure. Similar to the first test, the second well has a 5,450 foot lateral and was completed with 32 stages last week. The Company plans to spud an additional Utica well before year-end at a location just east of these two wells. Range holds approximately 400,000 net acres in southwest Pennsylvania, considered prospective for Utica dry gas.

During the second quarter, Range continued to realize operational efficiencies by averaging 6.3 frac stages per day which was up 21% compared to the 2014 average of 5.2 frac stages per day. Drilling efficiencies also continued in the second quarter as Range drilled an average lateral length of 5,938 feet in 15 days. This was a 13% decrease in days while drilling a 21% longer lateral compared to 2014 (17.2 days to drill 4,915 feet).

Northern Marcellus Shale Division --

In northeast Pennsylvania, production for the second quarter averaged 231 net Mmcf per day for the division, a 15% increase over the prior year. In the second quarter, 10 wells were turned in line, with an average working interest of 100% and average net revenue interest of 85%. The 10 new wells were turned in line throughout the month of June. Range is currently running one rig in order to satisfy the drilling obligations on larger leases. The Company anticipates turning four wells in line to sales for the remainder of 2015.

Southern Appalachia Division --

Production for the second quarter averaged 109 net Mmcf per day for the division, a 42% increase over the prior year, primarily due to the increased volumes resulting from the Nora/Conger exchange with EQT, completed in June 2014. The division drilled four coalbed methane (CBM) wells and completed nine CBM wells, three tight gas wells and one horizontal Huron well in the second quarter 2015. A total of 15 wells were turned in line in the quarter. The division continued development of the multi-pay horizons on its 465,000 net acre position while introducing new completion techniques and well designs, resulting in improved well performance. Because of these improvements, the CBM wells completed in 2014 and 2015 continue to be the best group of CBM wells in over 25 years in the Nora field. In addition to these new completion techniques resulting in higher production and higher rates of return, Range receives the added economic benefit of owning the royalty for wells drilled on its fee mineral acreage. The Virginia assets also receive a premium gas price due to their close proximity to the growing southeast markets along the Atlantic Coast. The division's 2015 budget is primarily designed to maintain its

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Rig Count

  • Baker Hughes Rigs count for the week August 7, 2015
     
  • PA
    • Marcellus 36 down 3
    • Utica 3 unchanged
  • Ohio
    • Utica 20 up 1
  • WV
    • Marcellus 19 up 2
  • TX
    • Eagle Ford – 98 unchanged
    • Permian Basin  203 up 6
  • NM
    • Permian Basin – 49 up 1
  • ND
    • Williston – 71 up 1
  • MT
    • Williston – 1 unchanged
  • CO
    • Niobrara –29 unchanged
       
  • TOTAL U.S. Rig Count 884 up 10

PA Permits for July 23, to August 6, 2015

       County            Township                E&P Companies

1.    Allegheny              Fawn                    Range
2.    Allegheny              Fawn                    Range
3.    Armstrong             Redbank                Energy Corp of Am.
4.    Armstrong             Sugarcreek             Apex Energy
5.    Bradford                 Leroy                    Chesapeake
6.    Bradford                 Smithfield              Chesapeake    
7.    Bradford                 Smithfield              Chesapeake
8.    Bradford                 Springfield              EOG
9.    Bradford                 Wilmot                  Chesapeake
10.    Bradford                Wilmot                 Chesapeake
11.    Bradford                Wyalusing             Chesapeake
12.    Butler                    Buffalo                  Range
13.    Butler                    Buffalo                  Range
14.    Butler                    Buffalo                  Range
15.    Butler                     Center                 Interstate Gas Mkt.
16.    Butler                     Center                 Interstate Gas Mkt.
17.    Butler                     Clearfield             XTO
18.    Butler                     Oakland              EM Energy
19.    Clarion                   Porter                  NE Natural Energy
20.    Potter                    Abbot                  Tenaska
21.    Susquehanna         Brooklyn              Cabot
22.    Susquehanna         Brooklyn              Cabot
23.    Susquehanna         Brooklyn              Cabot
24.    Susquehanna         Brooklyn              Cabot
25.    Susquehanna         Brooklyn              Cabot
26.    Susquehanna         Brooklyn              Cabot
27.    Susquehanna         Brooklyn              Cabot
28.    Susquehanna         New Milford          Cabot
29.    Susquehanna         New Milford          Cabot
30.    Tioga                     Chatham              Shell
31.    Tioga                     Duncan                EQT
32.    Tioga                     Duncan                EQT
33.    Tioga                     Duncan                EQT
34.    Tioga                     Duncan                EQT
35.    Tioga                     Duncan                EQT
36.    Tioga                     Duncan                EQT
37.    Tioga                     Duncan                EQT
38.    Tioga                     Duncan                EQT
39.    Tioga                     Duncan                EQT
40.    Tioga                     Duncan                EQT
41.    Tioga                     Duncan                EQT
42.    Tioga                     Duncan                EQT
43.    Washington            Buffalo                Range
44.    Washington            Buffalo                Range
45.    Washington            Buffalo                Range
46.    Washington            Buffalo                Range
47.    Washington            Jefferson             Range
48.    Washington            Jefferson             Range
49.    Washington            Jefferson             Range
50.    Washington            Jefferson             Range
51.    Washington            Jefferson             Range
52.    Washington            North Strabene    Rice
53.    Westmoreland         South Huntingdon  Chevron
54.    Wyoming                Meshoppen         Chesapeake

OH Permits – week ending August 6, 2015

       County            Township            E&P Companies

1.    Guernsey         Wills                    PDC Energy
2.    Guernsey         Wills                    PDC Energy


Joe Barone jbarone@shaledirectories.com 610.764.1232
Vera Anderson vera@shaledirectories.com 570.337.7149

DUG Technology