WorldWide Drilling Resource

63 WorldWide Drilling Resource ® MAY 2013 Reggie’s World by Reggie Stockert R.G. Stockert Drilling Co. Drilling for natural gas is all about making money. Here in Ohio, several companies are starting to take different directions. Chesapeake Energy, for exam- ple, has charged headstrong into drilling. They have more than a dozen rigs in place, more than 300 permits for hori- zontal wells, and nearly 50 wells which are currently producing. On the other hand, EnerVest, after drilling some horizontal wells, has opted to sell its Utica leases. Instead of invest- ing millions in drilling, the company hopes to create millions through the sale of its leases. It’s created plenty of interest. Over 20 companies have received permits to drill horizontal wells into the Utica Shale. Golfport Energy, CONSOL and Hess, Halcón Resources, and a few others are following Chesapeake's lead with a push to drill more wells. Others have followed EnerVest and opted to sell their holdings, which will bring in new companies to the Utica development. Devon Energy, based in Oklahoma City, is offering 244,000 gross acres. The decision, revealed in January, followed mixed results for Devon on wells drilled in 2012. Devon's leases are in the west- ern portion of the Utica Formation. EnerVest placed 103,800 acres where it holds Utica leases. The com- pany received a variety of offers and is working on one potentially large trans- action. EnerVest won't agree to a deal that doesn't deliver an attractive price for its holdings, but plans to keep 73,500 acres. A spokesman said the company plans to stay in Ohio to drill other for- mations. Companies selling acreage aren't identifying their potential buyers, but plenty of shoppers are out there. Last fall, for example, David Mustine, man- aging director for Jobs Ohio's energy efforts, listed BP, Royal Dutch Shell, and Exxon Mobil as companies getting started here. All are at different stages, 45,000 acres in southeastern Ohio. The company lists the Utica as one of its core areas for drilling, with work starting in Guernsey and Washington counties. Til next month, Reggie Reggie Stockert may be contacted via e-mail at admin@ worldwidedrillingresource.com with Exxon already drilling. Recently, 1st NRG Corp., a Denver company, reported it is seeking joint venture partners to drill the Utica Shale. The company already has 7150 acres, and called it one of the most active areas for oil and gas exploration in the country. In addition to stepping up its drill- ing efforts, Golfport has been actively acquiring leases. The company has signed on for tracts of 22,000 acres and 30,000 through Windsor Ohio, a division of Wexford Capital, paying $10,000 per acre for the drilling rights. Denver-based PDC Energy expand- ed its Utica presence, acquiring about