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NewsLetters

Expo/Industry events for the next few months

West Virginia Oil and Gas Expo
Oct. 5, 2016
Mylan Park's Expo Center
Morgantown, WV

http://wvoilandgasexpo.com/ 

Utica Summit
October 11, 2016
Embassy Suites
Canton, OH

http://www.uticasummit.com/ 

Midstream PA 2016
October 13, 2016
Penn Stater Conference Center
State College, PA 

http://midstreampa.com/    

Latest facts and a rumor from the Marcellus, Utica, Permian, Eagle Ford, Bakken and Niobrara Shale Plays 

  • Drilling Activity and Pipeline Work Are Picking Up.    As we have been reporting, it honestly looks like drilling will be picking up.  Read below what Consol, Stone Energy and Range will be doing.

    The pipelines are close to getting final approval.   With all this activity, you have to stay on top of what is happening.  There are a number of worthwhile expos, conferences, and seminar this fall.  I strongly suggest that you take a look at Shale Directories “Oil & Gas Expo Information” category to learn what events you need to attend this summer and fall.

    Learn about oil and gas industry events.  http://www.shaledirectories.com/site/oil-and-gas-expo-information.html 
     
  • SWN Doubles E&P for the Remainder for 2016.  Southwestern Energy will restart its drilling program to exploit higher natural gas prices after taking steps this year to shore up its balance sheet.

    The US independent doubled its planned 2016 spending to $725mn-$775mn and raised its full year production guidance to about 2.4 Bcf/d of natural gas equivalent (cfe/d), up by 5pc from its previous outlook. Gas production for 2016 should be flat with prior-year levels, the company said.

    "We are reinitiating economic drilling and completion activity in each of our operating areas," chief executive Bill Way said during a conference call today. 

    Southwestern's return to drilling highlights the efforts by large natural gas producers to cut costs and raise cash as prompt-month gas prices collapsed to a 13-year low below $1.65/mmBtu. Prices have since rebounded to near $2.70/mmBtu and the 2017-calendar strip is averaging above $3/mmBtu, allowing producers to lock in prices on future output. 

    Southwestern during the quarter sold $450mn in assets in the Marcellus shale, negotiated new gas gathering agreements as well as reduced service costs, extended debt maturities and tapped the equity markets. 

    The company has also worked since it suspended drilling operations late last year to coax more gas from each of its producing wells. 

    Southwestern said it has locked in prices on 2016 output of 93 Bcf at a floor of $2.57/1,000 cf and 2017 production of 228 Bcf at $3.01/1,000 cf.

    North American independent Encana said this week it would drill eight more wells and lift its 2016 spending by $200mn because of higher energy prices and recent divestitures.

    Southwestern plans to add one to two rigs a month until its rig count reaches five by the end of the third quarter. The company will stay focused on the Marcellus shale, adding two rigs each in the northeast and southwest portions of that field. It plans to add one rig to Arkansas' Fayetteville shale. 

    Output during the second quarter was 2.5 Bcfe/d, down by 8pc from a year earlier. Southwestern reported a second quarter net loss, including one-time items, of $34mn, compared with a year-earlier loss of 9mn. The company's realized gas prices during the quarter, including the effect of derivatives, were $1.32/1,000 cf, a year-over-year decline of 41pc.
     
  • Why the PTTGC Cracker is a “GO.”  I’m comparing my knowledge with the Shell cracker plant in Monaca, PA to the PTTGC cracker plant in Shadyside, OH.  As many of you know, Shell made the final “GO” decision on its cracker plant last month, but in our Facts & Rumors newsletter, I reported for about two years all the little things that were happening in and around Monaca pointed to Shell building the cracker plant.

    We are in the same situation with the PTTGC cracker plant except the final decision for this cracker plant is going to be much quicker.  According to company officials, the decision will be in the first quarter of 2017.  And remember, we reported (from DUG East) there was enough ethylene for three cracker plants in the Marcellus-Utica plays.

    I was in Moundsville, WV yesterday and heard and saw things that make me believe the PTTGC cracker plant is going to be a “GO” next year.

    I heard that a Thai company has purchased the Sims Building, an office building, in Wheeling WV.  I think the Thai companies are very well connected and informed of the opportunities.  In other words, a Thai company would not have purchased the building unless it was 100% certain that the Thai chemical was moving forward with the cracker plant.

    I saw that all roads leading into the site for the cracker plant have just be paved and painted with all new guard rails.  Would ODOT go to that expense without its being 100% sure the PTTGC was moving forward with plant?

    Lastly, the stack from the FirstEnergy power plant was blown up on yesterday.  If you live in OH, WV and western PA, you may have seen it on the news.

    I’ll continue to look for more hints that the PTTGC cracker plant is “GO.”
     
  • Libya’s Bomb Threat Will Certainly Help the Price of Oil.  Libya's chief of staff threatened to bomb oil tankers approaching the Libyan coast.

    General Abdel-Razek al-Nadhouri, chief of staff for forces loyal to the government based in the eastern city of Tobruk, warned foreign companies against signing oil deals with any institution other than the state-run National Oil Corporation branch in Benghazi, according to the Associated Press.

    Benghazi falls under Libya's eastern government, the internationally-recognized parliament. The west is governed by the UN-backed Government of National Accord (GNA) in Tripoli.

    "We cannot allow Libyan oil to be exported except via the National Oil Company in Benghazi," Nadhouri told Agence France-Presse. "We will target any boat that approaches the Libyan coast without prior agreement with the NOC in Benghazi."

    Nadhouri said his threat was in response to an agreement to reopen the key Ras Lanuf and Al-Sidra export terminals that was made between the UN and the leader of the GNA-allied militia that guards the country's main oil facilities.
     
  • FERC Offers Hope for Constitution Pipeline.  Federal and local officials in New York appear to still be at odds regarding a $683 million natural gas pipeline running from Pennsylvania to New York.

    According to a report by Law360, the Federal Energy Regulatory Commission gave Constitution Pipeline Co. LLC a 2-year extension to build the pipeline as it works to appeal an earlier decision made by the New York State Department of Environmental Conservation. Their denial of a water quality certification for the pipeline would not make it possible to complete the pipeline by Dec. 2, however the extension by FERC means the company operating the pipeline – Williams Pipeline Services LLC – would have until Dec. 2 2018 to finish the project.

    The report says Constitution is challenging NYDEC’s decision in court, alleging that because the group waited so long before making a decision that it essentially vetoed the previous approval by FERC and the company is arguing that state officials offset the balance between state and federal power.

    Last week, the company gained the support of other industry groups like the American Gas Association which sought of file an amicus curiae brief in support of Constitution’s appeal, according to the report.

    The pipeline would transport gas from supplies Susquehanna County, Pennsylvania to Schoharie County, New York.
     
  • More M&A’s Coming.  Energy industry mergers and acquisitions are expected to increase as oil and gas prices stabilize and fears of bad deals lessen, according to Ernst & Young.

    Acquisitions will accelerate in 2016’s final quarter, with most of the announced deals coming through 2017, Andy Brogan, global oil and gas transaction leader at the consultancy, told Bloomberg.

    There are roughly 2,000 energy assets available globally and buyers and sellers are gaining confidence as industry price expectations “coalesce,” Brogan said.

    Oil has traded in a range between about $42 and $52 a barrel (Bbl) since early June, after almost doubling from a 12-year low in February amid speculation a global glut is easing, Kallanish Energy verifies.

    Oil and gas deals in North America alone year-to-date have outpaced M&A in the same period in 2015, according to data compiled by Bloomberg.

    “Everybody has now sort of reset to a new forward curve,” Brogan told Bloomberg. “The way the market was moving destroyed peoples’ confidence that they understood how the market works. People can now have a conversation about what an asset is worth with both sides being comfortable that they’re not going to be made fools of by doing the deal.”

    Roughly 80% of assets for sale are upstream projects, according to Brogan. Price expectations for as long as a 15-year period may help buyers assess the value of an asset that has a 20- to 30-year life span, he said.

    “We have seen a number of processes initiated in the last month or so that indicates that firstly, there is renewed confidence among sellers, they can actually start a process and actually get to a conclusion,” Brogan told Bloomberg. “Secondly, we are also seeing a renewed interest on the buyers’ front.”
     
  • Consol Adding Two Rigs in Pittsburgh Area.  Consol Energy intends to resume drilling later this year in the Utica and Marcellus Shale plays, Kallanish Energy reports.

    The company, based near Pittsburgh, said it will start running two drilling rigs in August, with 10 new wells planned.

    Consol will drill eight wells in the dry gas area of Monroe County in southeast Ohio’s Utica Shale, and two wells on an existing pad in its joint-venture area of the Marcellus Shale (with Noble Energy) in Washington County in southwest Pennsylvania.

    It had halted drilling in the Appalachian Basin in late 2015 due to low commodity prices.

    Company president and CEO Nicholas Deluliis called the new plan “modest drilling activity.”

    It decided to resume drilling because “expected rates of return nicely exceed our cost of capital,” Deluliis said, in a statement. The new drilling will cost about $25 million.

    Those wells won’t be completed until the first half 2017 and production is not expected until the second half of 2017, company officials said in an earnings call with analysts and the media.

    Consol reported a net loss of $468.6 million during the second quarter, an improvement over the loss of $603.3 million a year ago.

    That included a $356 million write-down on the value of its still-operating Miller Creek and closed Fola coal mines in southern West Virginia.

    Consol agreed to pay Kentucky-based Southeastern Land $44 million to assume control of the mines and be responsible for $103 million in closing and reclamation costs.

    The Miller Creek mine is in Mingo and Logan counties. The Fola mine is in Clay, Fayette and Nicholas counties.

    The deal marks Consol’s exit from coal mining in West Virginia, as it shifts from a coal company to a natural gas-oil driller.

    The company still has three mines at its Bailey facility in southwestern Pennsylvania.

    Consol has made 23 deals to divest its coal holdings since 2012, with a value of $5.1 billion.

    Consol boosted production in the second quarter to a record 99 billion cubic feet-equivalent (Bcfe), or 1.09 Bcfe/d; up sharply from the 75.5 Bcfe produced a year earlier.

    Second-quarter revenue from the sale of gas and liquids increased 23%, to $248 million.

    The company expects to have 91 wells in the Utica and Marcellus shales that have been drilled but remain uncompleted by Dec. 31 – with 76 in more-costly wet-gas areas, officials said.
     
  • Stone Energy Ramping Up Production.  Louisiana-based Stone Energy is ramping up production in its Mary field, in the Appalachian Basin’s Marcellus Shale play, Kallanish Energy finds.

    Production resumed in late June and has averaged more than 75 million cubic feet-equivalent per day (MMcfe/d) in West Virginia’s Marcellus Shale, the company said.

    It expects production at condensate-rich Mary to reach more than 125 MMcfe/d in August.\

    At present, 57 wells representing 60 MMcfe/d remain shut-in due to downstream liquids-handling-capacity restraints, Stone said. The company said it expects most of that production to come online in late July and August.

    Stone signed a month-to-month agreement with Williams for gas gathering and processing in that area of Wetzel County.

    The company’s production in the second quarter in Appalachia and the Gulf of Mexico was about 29 million barrels-equivalent, or 174 MMcfe, Stone reported. That was 59% oil, 9% natural gas liquids and 32% natural gas.

    The volume was slightly above the upper end guidance for the quarter, the company said.

    Appalachian production totaled 36 MMcfe from three fields: Heather, Buddy and Mary, plus a one-time adjustment for a previous working interest.

    Stone has shifted 20 to 25 MMcf of natural gas from the Pompano Platform in the Gulf to alternate processing sites in the wake of the June 28 explosion at a Mississippi natural gas processing plant operated by Enterprise Products Partners.

    Initially, the oil flow from the platform was sharply cut and natural gas was shut-in or reinjected because of the plant closure.

    Alternate options were found and production is again similar to second quarter 2016 rates.

    That plant will likely be shut down for months, Stone said.

    The company will release its second-quarter financial results on Aug. 2.
     
  • Hess 2nd Qtr. Update.  Lower production plus a lower sales price for crude oil equaled a second-quarter loss for independent producer Hess, the company announced Wednesday.

    Net production in the quarter was 313,000 barrels of oil-equivalent per day (BOE/d), compared to net production (excluding assets sold) of 386,000 BOE/d in the year-ago quarter, Kallanish Energy reports.

    The decrease in production volumes resulted from unplanned downtime due to mechanical problems at several Gulf of Mexico fields, plus planned downtime at several offshore fields.

    In addition, volumes decreased in the Bakken Shale play and Equatorial Guinea due to lower investment levels, as well as the Malaysia/Thailand Joint Development Area primarily due to lower entitlement, which were partially offset by production growth from the Utica Shale play.

    Net production from the Bakken was 106,000 BOE/d compared to 119,000 BOE/d in the prior-year quarter due to a reduced drilling program.

    Hess operated an average of three rigs in the quarter and brought 26 gross operated wells on production.

    “We remain confident in our ability to manage through the current environment and deliver strong production and cash flow growth as oil prices recover,” CEO John Hess said, in a statement.

    Crude oil prices are trending moderately lower after holding in the mid-$40 range since May, though prices are still above the sub-$30 mark recorded in early 2016.

    Price is crimping investment options for energy companies like Hess, which said its second-quarter spending in exploration and production was down 52% from last year.

    The company’s average realized crude oil selling price was $41.95 per barrel (Bbl) in the second quarter, down 25% from $55.83/Bbl in the year-ago quarter, including the effect of hedging.

    The average realized natural gas liquids selling price in the second quarter was $9.03/Bbl, compared to $11.06/Bbl in the prior-year quarter, while the average realized natural gas selling price was $3.58 per thousand cubic feet (Mcf), down from $4.49/Mcf in the second quarter of 2015.

    Hess reported a second-quarter net loss of $392 million, an improvement over the loss of $567 million year-over-year.
     
  • Range Keeps 3 Rigs in the Marcellus.  Range Resources plans to keep three drilling rigs working through Dec. 31 in the Marcellus Shale play in southwestern Pennsylvania, Kallanish Energy reports.

    The company, based in Fort Worth, Texas, saw second quarter production average 1.42 net billion cubic feet-equivalent per day (Bcfe/d), up 4% from the prior-year quarter.

    Its Marcellus Shale production averaged 1.38 Bcfe/d, a 16% increase from a year earlier.

    The Southern Marcellus Shale Division saw production increase to 1.19 Bcfe/d, a 24% increase from 2015. The Northern Marcellus Shale Division averaged 188 million cubic feet-equivalent per day (MMcfe/d), down 19% from the year-ago quarter.

    The company is reducing its drilling costs and increasing efficiencies with longer laterals, said CEO Jeff Ventura, in an earnings call with analysts and the media.

    The company brought 70 Marcellus and Utica Shale wells to production in the first half of 2016, and expects to add 42 more wells in the second half of the year, Range said.

    It spent $120 million in the second quarter to drill 28 new wells.

    Range has completed its third Utica Shale well in southwest Pennsylvania and is closely watching the initial production.

    The company has 230 well pads in southwest Pennsylvania where additional wells could be drilled quickly if conditions improve and permits for those wells are being acquired, Ventura said.

    Financially, Range lost $224.9 million. That is a bigger loss than second quarter 2015 when the company reported a $118.6 million loss. Revenue from gas and liquids sales fell 13%, to $225 million.

    The company’s merger with Memorial Resource Development is expected to close in mid-September, Ventura said.

    Last May, Range completed the $77.7 million sale of 9,200 acres and 200 wells in Oklahoma’s STACK play. The company still owns roughly 19,000 acres in the play.

    Range intends to ship about 150 MMcf/d to the Gulf Coast via the Spectra Gulf Markets Pipeline, expected to begin service in the fourth quarter.
     
  • Anadarko 2nd Qtr. Update.  Anadarko Petroleum said it’s pleased with initial drilling results in shale plays in Texas and Colorado, Kallanish Energy understands.

    The company averaged record net sales of 41,000 barrels of oil-equivalent per day (BOE/d) in the second quarter in the Delaware Basin of West Texas. It also recorded record net sales of 243,000 BOE/d in the quarter in the DJ Basin in northeast Colorado.

    Anadarko ended the second quarter with production of 45,000 BOE/d in the Delaware Basin.

    The company has six drilling rigs at work to better delineate the Delaware where it has 600,000 acres, officials said during an earnings call Wednesday with analysts and the media.

    It also achieved record production at three facilities in the Gulf of Mexico.

    Anadarko’s second-quarter sales volume of natural gas, oil and natural gas liquids totaled 72 million BOE (MMBOE), an average of 792,000 BOE/d.

    Financially, Anadarko lost $692 million, compared with a profit of $61 million one year ago.

    Cash flow from operations in the quarter totaled $1.23 billion.

    The company, based in The Woodlands, Texas, has closed on $2.5 billion in asset sales so far this year and additional sales are possible, officials said.
     
  • Marathon’s Cornerstone Pipeline Update.  Construction of Marathon Petroleum Corporation’s Cornerstone Pipeline is going as planned and should be completed before the end of the year, the company announced Thursday.

    The 50-mile pipeline is among $500 million in projects designed to carry liquids from Utica and Marcellus shale wells to the Canton refinery and other facilities.

    Marathon officials provided the update Thursday during a conference call to discuss the company’s second-quarter results.

    Marathon earned $801 million, or $1.51 per diluted share, during the second quarter of this year. The company earned $826 million, or $1.51 per diluted share, during the same quarter last year, according to a press release.

    Total income was $1.32 billion in the second quarter of 2016, a drop of less than 2 percent from last year’s second quarter.

    Findlay-based Marathon is the nation's third-largest refiner and can process up to 1.8 million barrels of crude oil per day. Additionally, the company owns Speedway convenience stores, thousands of miles of pipelines, gas processing plants and other facilities.

    Gary R. Heminger, Marathon’s chairman, president and CEO, attributed the earnings to increased product demand during the summer, strong retail margins, improved profit margins on refined products and the inclusion of natural-gas processor MarkWest’s results in Marathon’s earnings. Marathon took over MarkWest in late 2015.

    When asked how Shell’s planned construction of an ethane cracker in western Pennsylvania would impact Marathon’s business, officials said it could spur Marathon to make capital investments of up to $1 billion.
     
  • Cabot 2nd Qtr. Update.  Cabot Oil & Gas Corporation (NYSE:COG) reported financial and operating results for the second quarter of 2016.

    “Cabot’s 2016 operating plan was designed to provide modest production growth while generating positive free cash flow despite a lower commodity price environment,” said Dan O. Dinges, Chairman, President and Chief Executive Officer. “Our second quarter results delivered on this plan as the Company grew equivalent production 10 percent relative to the second quarter of last year while generating operating cash flow that exceeded our capital expenditures, pipeline investments, and dividends.” Dinges added, “We anticipate significantly more positive free cash flow generation in the second half of the year based on the current commodity price outlook.”

    Marcellus Shale

    During the second quarter of 2016, the Company averaged 1,535 Mmcf per day of net Marcellus production (1,798 gross operated Mmcf per day), an increase of 14 percent compared to the second quarter of 2015. During the second quarter, the Company drilled seven net wells, completed eight net wells and placed 12 net wells on production including a four-well pad that was placed on production 10 days prior to the quarter-end and had minimal impact on second quarter production as the wells were still cleaning up in line.

    Cabot is currently operating one rig and recently added a second completion crew in the Marcellus Shale. “Based on continued efficiency gains, lower service costs and our improved outlook for natural gas price realizations, we are increasing our activity levels in our high-return Marcellus asset beginning with the addition of a second completion crew.” Dinges added, “Cabot is the lowest cost producer in Northeast Pennsylvania and generates rates of return over 100 percent under current price expectations so we plan to opportunistically increase our market share during 2017 as we await the in-service of our new infrastructure projects beginning in late-2017.”

    Eagle Ford Shale

    Cabot’s net production in the Eagle Ford Shale during the second quarter of 2016 was 14,312 barrels of oil equivalent (Boe) per day, an increase of 10 percent sequentially compared to the first quarter of 2016. Net oil production during the quarter was 12,360 Bbls per day, an increase of four percent sequentially compared to the first quarter of 2016. During the second quarter, the Company did not drill any wells; however, Cabot completed and placed on production three net wells.

    Cabot plans to drill two Eagle Ford wells during the third quarter and will not complete or place on production an additional Eagle Ford well until the fourth quarter.
     
  • EQT 2nd Qtr. Update.  EQT said it will drill 33 new natural gas wells on its Marcellus shale acreage in the second half of 2016 without boosting spending.

    Over the past week a handful of independent producers have pledged to increase drilling activity on the back of stronger commodity prices, but a majority has raised their capital spending budgets in order to accomplish their goals. EQT joins Range Resources in being able to ramp up output without spending more capital, largely because of the two companies' extensive existing operations in Appalachia.

    Higher gas prices will justify higher production, chief executive David Porges said on an earnings call. An expected increase in takeaway capacity at the end of this year is adding confidence to that decision, he added.

    Nymex prompt-month natural gas prices rose to a 13-month high earlier this month after falling to a 17-year low in March.

    The company's Ohio Valley Connector project, expected in service in the fourth quarter, will add 600mn cf/d of takeaway for EQT production, a portion of its total 820mn cf/d of capacity. The Texas Eastern Transmission Gulf Markets pipeline expansion should also come on line in the fourth quarter, adding 100mn cf/d of takeaway for EQT output, Porges said. That project's full capacity is 628mn cf/d (2.8mn m²/d).

    EQT is attempting to increase its production ahead of a broader ramp up industry wide, Porges said. He cautioned that there will be an "inevitable overreaction in the industry" to the stronger prices, but said the company does not think it will be as pronounced as "a few years ago."

    The majority of the new wells EQT plans to drill will be completed in 2017, so any costs connected to bringing the wells on line will be included in the 2017 capital spending budget. Also, any increase in spending this year is also offset by lower service costs and improved efficiencies, Porges said.

    EQT produced about 2 Bcf/d of natural gas equivalent (Bcfe/d) during the second quarter, up by 26pc from a year earlier. The company had a realized sales price of $2.11/1,000 cf, down by 23 pc from the same period last year.

    The company's deal with Statoil to purchase 62,500 Marcellus shale acres and 53,000 Utica shale acres closed on 8 July.
     
  • Pioneer 2nd Qtr. Update.  Despite higher crude oil and natural gas liquids sales, and subsequent higher revenue, Pioneer Natural Resources couldn’t overcome cheaper commodity prices and higher expenses and reported a second-quarter loss $50 million larger than one year ago.

    Daily production for the quarter ended June 30, totaled 232,703 barrels of oil-equivalent (BOE/d), up 18% from 196,626 BOE/d one year ago, and higher than production range guidance of 224,000 BOE/d to 229,000 BOE/d.

    Crude production jumped to 134,723 barrels per day (BPD), up from 100,569 BPD, while NGL production rose to 41,223 BPD, from 36,659 BPD, and natural gas production fell to 340.54 million cubic feet per day (MMcf/d), from 356.39 MMcf/d.

    “Second quarter production growth was driven by the company’s Spraberry/Wolfcamp horizontal drilling program [in West Texas], Pioneer said.

    Dallas, Texas-based Pioneer reported the average second-quarter price received for its commodities was $41.43 a barrel (Bbl) for crude (down from $51.64 a year ago); $14.21/Bbl for NGLs (up from $14.03/Bbl; and $1.67 per thousand cubic feet (Mcf) for natural gas (down from $2.37/Mcf).

    Pioneer said it plans to increase the company’s horizontal rig count from 12 rigs to 17 rigs in the northern Spraberry/Wolfcamp during the second half of 2016, Kallanish Energy reports.

    The independent producer also is increasing the 2016 capital budget from $2 billion to $2.1 billion to cover the cost of the five horizontal drilling rigs being added during the second half of the year.

    Production growth now is forecast at 13% from 12% to reflect improving Spraberry/Wolfcamp well productivity; no incremental production is expected until 2017 from the five additional rigs being added during the second half of 2016.

    “We are on a trajectory to deliver compound annual production growth of approximately 15% while maintaining a net debt-to-operating cash flow ratio below 1.0 times through 2020, at mid-July strip prices,” said Scott D. Sheffield, Pioneer CEO.

    Pioneer in the second quarter lost $268 million, on revenue of $786 million, compared to a loss of $218 million on revenue of $644 million.

Visit our Blog for daily updates on what’s happening in the oil & gas industry.

http://www.shaledirectories.com/blog/ 

Rig Count 

  • Baker Hughes Rig Count the week of July 29, 2016
     
  • PA     
    • Marcellus 15 up 1
  • Ohio 
    • Utica 13 up 1
  • WV 
    • Marcellus 8 down 2
  • TX
    • Eagle Ford 33 down 2
  • TX & NM
    • Permian Basin – 172 up 4
  • ND
    • Williston – 27 unchanged
  • CO
    • Niobrara – 19 up 1
       
  • TOTAL U.S. Land Rig Count 440 unchanged

PA Permits for July 21, to July 28 2016

       County                Township                E&P Companies

1.    Allegheny                Forward                EQT
2.    Allegheny                Forward                EQT
3.    Allegheny                Forward                EQT
4.    Washington            North Bethlehem    Rice
5.    Washington            North Bethlehem    Rice
6.    Washington            North Bethlehem    Rice
7.    Washington            North Bethlehem    Rice
8.    Washington            North Bethlehem    Rice
9.    Washington            North Bethlehem    Rice                

OH Permits for weeks ending July 23, 2016

      County            Township                E&P Companies

1.    Belmont             Colerain                Ascent Resources
2.    Carroll                Washington          Rex
3.    Carroll                Washington          Rex
4.    Jefferson            Salem                  Chesapeake
5.    Monroe               Salem                  Eclipse Resources
6.    Monroe               Salem                  Eclipse Resources

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

M5 Properties