Devon Energy (DVN) is also active in the Utica Shale and has disclosed a 110,000 net acre position in Ohio. The company has a target of reaching 150,000 net acres of leasehold. Other details on the Devon Energy Utica Shale position in Ohio:
- Average royalty of 12%.
- Play type is oil in a carbonate rich shale zone.
- Shale depth is 3,000 to 6,000 feet.
- Plans to drill four wells in 2011.
Devon Energy was positive on the company’s first well into the Utica Shale in Ohio. During the second quarter of 2011 conference call the company made the following comments:
“We have now analyzed the core from our first Utica well and are highly encouraged by the positive permeability indications seen in our first well. Based on these early results, we believe the oil window could offer some of the best economics in the play. We plan to drill 3 additional Ohio Utica wells this year.”
Devon Energy also has 300,000 net acres in the Michigan Basin that is prospective for the Utica Shale.