Utica Shale

Magnum Hunter Resources Adds To Utica Shale Position

Magnum Hunter Resources (MHR) reported the purchase of additional leasehold in Ohio that is prospective for the Utica Shale formation.

Magnum Hunter Resources purchased approximately 15,558 gross or 12,186 net acres for $24.8 million, or a net price of $2,037 per acre.  The acreage is located in Noble County, Ohio.

Magnum Hunter Resources said that the majority of the acreage was held by production from shallower formations.

Magnum Hunter Resources said that the acquired acreage is close to the company’s existing position in Washington and Noble Counties, and brings its total position prospective for the Utica Shale to 23,214 gross or 17,316 net acres.

Ohio Utica Shale Activity - Updated Map

Here is an updated map from the Ohio Department of Natural Resources showing Utica Shale activity through January 5, 2012.

Chesapeake Energy (CHK) is clearly in the lead, with 101 of the 160 permits given to date by the state. Anadarko Petroleum (APC) is a distant second, with 18 permits.

 

 

MarkWest Energy Partners To Build Processing Capacity In Utica Shale

MarkWest Energy Partners, L.P. (MWE) announced a development plan designed to process growing oil and gas production from the Utica Shale in Ohio. 

MarkWest Energy Partners, L.P. plans to build two new natural gas processing facilities in Harrison and Monroe counties, as well as fractionation, storage, and marketing capacity in Harrison County with capacity to handle 100,000 barrels per day.

The Harrison County plant will include 200 million cubic feet per day of cryogenic processing capacity and is expected to start up operations in the middle of 2013.  The final design of the Monroe County complex is still being worked on by the company.