Utica Shale

PDC Energy Updates Utica Shale Program

PDC Energy (PDCE) updated the company’s Utica Shale development program, where the company has 45,000 net acres spread across Guernsey, Noble, Washington and other counties in Ohio.

PDC Energy is no longer looking for a joint venture partner in the Utica Shale as the company felt that the offers received did not provide enough value to shareholders.  The company will develop the acreage on a standalone basis.

PDC Energy plans to spend $95 million in capital in the Utica Shale in 2012 and estimates 2013 spending at $50 million.  The company has disclosed information on three wells to date:

Onega Commissioners #14-25H – This well is currently being completed and then will be shut in for 60 days prior to a flow test in November 2012.

Detweiler #42-3H – This well will be completed by the end of 2012 and will be flow tested in the first quarter of 2013.

PDC Energy expects to spud its third horizontal Utica Shale well in the fourth quarter of 2012.

Rex Energy To Work Utica Shale In 2012

Rex Energy (REXX) is active in the Utica Shale in both Ohio and Pennsylvania.  The company is the operator of acreage in Carroll County, Ohio, and expects to drill and put three gross or 2.4 net wells onto production in 2012.

In Butler County, Pennsylvania, Rex Energy plans to put the Cheeseman 1H well onto production during the first quarter of 2012.  The company expects to drill three gross or 2.1 net wells into the Utica Shale during 2012, and to place one of these wells onto production.

CONSOL Energy To Spend $50 million In Utica Shale In 2012

CONSOL Energy (CNX) approved a $1.7 billion capital budget for 2012 and plans to spend $50 million in the Utica Shale, up from only $3 million in 2011.  The funds will be used to drill 11 net wells during the year.  CONSOL Energy estimates that the company’s drilling in the Utica Shale through 2015 will be:

2012 – 11 net wells

2013 – 27 net wells

2014 – 33 net wells

2015 – 33 net wells

CONSOL Energy said that in 2012, all the Utica Shale wells will be drilled in the oil window or wet gas area of the play.  CONSOL Energy is involved in a joint venture with Hess Corporation (HES) in the Utica Shale.