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Utica Shale Oil & Natural Gas Field - Ohio - PA - NY - Quebec, Canada Shale

Utica Shale Ohio (OH) Counties -  Ashland County, Ashtabula County, Athens County Belmont County, Carroll County, Coshocton County, Columbiana County, Cuyahoga County, Deleware County, Geauga County, Guernsey County, Holmes County, Harrison County, Huron County, Knox County,  Lake County, Licking County, Lorain County, Mahoning County, Marion County, Monroe County, Morgan County, Morrow County, Medina County, Muskingum County, Noble County, Perry County,  Portage County,  Richland County, Stark County,  Summit County,  Trumbull County, Tuscarawas County, Washington County, Wayne County

Utica Shale Pennsylvania (PA) Counties - Allegheny County, Beaver County, Butler County, Crawford County, Clarion County, Erie County, Forest County, Lawrence County, Mercer County, Venango County, Warren County,

Chesapeake Energy (CHK) says Utica Shale could be a major oil discovery - Eastern Ohio seems to be the target zone

Chesapeake Announces a Major New Liquids-Rich Discovery in the Utica Shale in Eastern Ohio

Having achieved successful results from recent drilling activities in eastern Ohio, Chesapeake is announcing the discovery of a major new liquids-rich play in the Utica Shale. Based on its proprietary geoscientific, petrophysical and engineering research during the past two years and the results of six horizontal and nine vertical wells it has drilled, Chesapeake believes that its industry-leading 1.25 million net leasehold acres in the Utica Shale play could be worth $15 - $20 billion in increased value to the company. Chesapeake’s dataset on the Utica Shale includes approximately 2,000 well logs, full-suite petrophysical data on approximately 200 wells, 3,200 feet of proprietary core samples from nine wells and production results from three wells. As a result of its analysis, the company believes the Utica Shale will be characterized by a western oil phase, a central wet gas phase and an eastern dry gas phase and is likely most analogous, but economically superior to, the Eagle Ford Shale in South Texas.

Chesapeake is currently drilling in the Utica Shale with five operated rigs to further evaluate and develop its leasehold and anticipates increasing its rig count to eight by the end of 2011 and reaching at least a range of 16-20 rigs by year-end 2012. Also, the company believes that its leasehold position in the Utica Shale will support a drilling effort of at least 40 rigs by year-end 2014. Chesapeake is currently conducting a competitive process to monetize a portion of its Utica Shale leasehold position, which will be through an industry joint venture process or through a number of other monetization alternatives. The company anticipates completing a Utica Shale transaction in the 2011 fourth quarter.

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What is the Utica Shale Formation?

What is the Utica Shale?  Utica Shale is an Oil & Natural Gas Field located in the St. Lawrence Lowlands of Quebec, Canada, Montreal, and Northern New York.  The Utica Shale also extends down into Ohio which has been shown to produce Oil.  It even extends down into Pennsylvania as described by Range Resources at the bottom of this page.   This is not the only shale field located in New York and PA, the other shale formation would be the Marcellus Shale which lies above the Utica Shale.

The Utica Shale was once thought to be one of the hottest natural gas shale plays in Canada.  We are now finding out that the Utica Shale is a major oil discovery located in Ohio and could extend down into West Virginia (WV)  Many small companies which are listed list below were drilling test wells in the lower St. Lawrence River as well as PA and Ohio.  Forest Oil was the first company to do extensive shale testing and drilling in the Utica Shale Formation.  Forest Oil recently came out with results from a shale drilling program that started in 2007 which is located in St. Lawrence Lowlands and Gaspe Peninsula.  The company says they have drilled two vertical pilot test wells with a depth of 4,800 feet deep. Production rates tested up to 1 million cubic feet per day.  Recently, Chesapeake Energy (CHK) has upped their stake in the Utica Shale to 1.2 million acres and have noticed liquid rich potential.   The Ohio portion of the Utica Shale appears to be a new oil discovery in the United States.

Estimates for Natural Gas in the Utica Shale Deposit Field ranges between 2 trillion cubic feet to up to a whopping 69 trillion cubic feet of Natural Gas.   Many companies are still doing tests.   If proven true, The Utica Shale play would be in the ranks of several other shale plays in the United States including the
Barnett Shale, Marcellus Shale, and Haynesville Shale.

Could the Utica Shale be the next major oil discovery in the United States?  Only time will tell.  Check back for more Utica Shale news updates and chek out the lastest drilling results by the companies listed below.


Drilling for Natural Gas has been a popular topic in the United States and Canada.  The Utica Shale Field is very new but appears to be a huge shale find.  Only time will tell if the Utica Shale find will pan out for the following companies drilling there below.  In addition to the Utica Shale....here are more exciting shale plays in the United States and Canada.  Haynesville Shale -  Marcellus Shale -  Horn River Shale - Bakken Oil Shale - Fayetteville Shale - Brazil Oil Field -  Woodford ShaleBarnett Shale - Chattanooga Shale
Utica Shale Map - Quebec
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Utica Shale Map - Canada
Utica Shale Map - Ohio
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Utica Shale Oil Window - Ohio

Utica Shale Map - New York (NY)
Utica Shale New York NY
Natural Gas Map - New York

Utica Shale News

Utica Shale - Consol Energy (CNX) - February 2012 - Ohio Utica: In the Utica Shale Joint Venture with Hess Corporation, CONSOL Energy has a rig drilling in the western portion of Tuscarawas County, Ohio

Utica Shale Formation - November 2011 - Chesapeake Energy Corporation (NYSE:CHK) today announced two transactions to monetize a portion of its 1.5 million net acres of leasehold in the Utica Shale play primarily in eastern Ohio. Fully implemented, the transactions would result in consideration to Chesapeake of approximately $3.4 billion.  JV Transaction Values 570,000 Net Acres of Chesapeake Utica Shale Leasehold at $8.55 Billion, or $15,000 Per Net Acre - Link

Utica Shale - Anadarko Petroleum (APC) - November 2011 - Anadarko Petroleum (APC) announces news that they have entered the Utica Shale, acquiring 300,000 acres.  Details Below.....

Utica Shale - Exxon Mobil (XOM) - October 2011 - Exxon Mobil announced in late October 2011 that they have a position in the Utica Shale and are buying mineral rights leases in Ohio.  This is very exciting news as we are now seeing major oil companies show up to the Utica Formation, just like we saw in the Bakken Shale.  See more below...

Utica Shale - Hess (HES) - September 2011 - Hess (HES) enters Utica Shale - Hess Corporation (NYSE: HES) announced today it has acquired Marquette Exploration LLC and other leases in Ohio's Utica Shale, boosting its acreage position by 85,000 net acres at a cost of approximately $750 million.

Utica Shale - Michigan (MI) - August 2011 - Devon Energy (DVN) announced today that the company is exploring the Utica Shale in Ohio and Michigan.  Devon Energy also has acquired many mineral rights acres in the Oil zone of the Utica Play located in Ohio.

Carroll County, OH - August 2011 - Rex Energy (REXX) recently acquired mineral rights to 11,000 acres in the Utica Shale.  The Ohio portion of the Utica Shale is where the major oil field is located.  Carroll County Acres are currently selling for $3,600 according to REXX.  Rex Energy is also planning to test the Pennsylvania (PA) Utica Shale Field in Butler County, PA.  Natural Gas can be found in the PA portion of the Utica Shale.

Utica Shale - Ohio - July 2011 - Chesapeake Energy (CHK), the largest leaseholder in the Utica Shale, says the Utica formation could be a larger oil discovery than the Eagle Ford Shale in South Texas.  See more below...

Companies Drilling the Utica Shale - Quebec, Ohio, Pennsylvania, New York, West Virginia, Michigan -  Utica Shale Stocks

Chesapeake Energy (CHK) - Chesapeake Energy (CHK) Utica Shale Update - Utica Shale (eastern Ohio, western Pennsylvania and northwestern West Virginia): Chesapeake’s activity level is expected to continue rising as the company develops its most recent large-scale liquids-rich play discovery. The company has approximately 1.3 million acres of leasehold in the play, is currently operating 10 rigs and plans to average 13 rigs in 2012 and 22 rigs in 2013. The company’s initial development focus in the play has been in the wet gas window. Chesapeake has drilled a total of 59 wells in the play, of which nine are currently producing, 15 are currently being completed, 15 are waiting on completion and 20 are waiting on pipeline infrastructure. Of the nine producing wells, eight are in the wet gas window of the play. On a post-processing basis, peak rates from the wet gas window of the play have averaged approximately 415 bbls of oil, 260 bbls of NGL and 3.9 mmcf of natural gas per day, or approximately 1,325 boe per day. The company’s best Utica well, the Buell 8H in Harrison County, OH had an initial peak rate of more than 3,000 boe per day in September 2011, with roughly half the production from liquids. The Buell well is currently producing at a rate of 1,040 boe per day, and the company believes the well will have an estimated ultimate recovery (EUR) of at least 575,000 bbls of liquids and 13 bcf of natural gas.

Three notable recent wells completed by Chesapeake in the Utica are as follows:

  • The Shaw 5H in Carroll County, OH achieved a peak rate of 770 bbls of oil, 180 bbls of NGL and 2.9 mmcf of natural gas per day, or approximately 1,440 boe per day;
  • The Burgett 8H in Carroll County, OH achieved a peak rate of 720 bbls of oil, 140 bbls of NGL and 2.1 mmcf of natural gas per day, or approximately 1,210 boe per day; and
  • The Coniglio 6H in Carroll County, OH in a limited flow test before being shut-in to wait on a pipeline connection achieved a peak rate of 290 bbls of oil and 5.0 mmcf of wet natural gas per day, or approximately 1,125 boe per day at the end of the test.

 

The company has a significant number of wells planned for the Utica oil window during the remainder of 2012 and is confident that it will have strong results based on its successful results in the oilier portion of the wet gas window, preliminary results from oil window testing and the results of certain of its competitors in the oil window.

Anadarko Petroleum (APC) - Anadarko Petroleum (APC) takes big stake in the Utica Shale Play -  Anadarko Petroleum Corporation (NYSE: APC) today provided an update on its drilling program in the Utica Shale play in eastern Ohio after filing the required production history with Ohio Department of Natural Resources. To date, the company has drilled and is producing from three wells in the Utica Shale, the most recent of which has delivered more than 9,500 barrels of light-gravity crude oil during its first 20 days on line.

"Though it is very early in our exploration program, the strong initial results are encouraging," said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. "We expect to begin flowing back our fourth Utica exploration well in the next few days and are currently drilling our fifth exploration well in the play. We plan to continue an active drilling program throughout the year, as we evaluate the liquids-rich potential of our 390,000-acre (gross) position in the Utica Shale."

Anadarko's Brookfield A-3H well in Noble County has produced approximately 9,500 barrels of oil and approximately 12 million cubic feet (MMcf) of high-BTU (British thermal units) natural gas during its first 20 days on line. The Spencer A-1H and Spencer A-5H wells, located in Guernsey County, have cumulatively produced a combined 20,000 barrels of light-gravity crude oil and 37 MMcf of liquids-rich natural gas in just under two months on line. All three horizontal wells were drilled to a vertical depth of approximately 6,500 feet and a lateral length of about 5,000 feet with 16- to 19-stage completions.

Anadarko operates the Brookfield and Spencer wells with a 100-percent working interest (82.5-percent net revenue interest) subject to a participation agreement with Artex Energy Group LLC.

Devon Energy (DVN) - Devon Energy (DVN) is an exploration company in the Utica Shale - DVN has been leasing land in Ohio - In the Ohio Utica, Devon and Sinopec have assembled 235,000 net acres in the play. We just TD-ed our first horizontal well, the first of 15 horizontal wells that we expect to drill here this year. While we are still in the early stages of evaluating these plays, we have seen positive subsurface data and encouraging rate indications in several of them. By the end of 2012, we expect to have drilled approximately 125 wells in aggregate across these 5 plays, giving us a much better understanding of the potential of these positions.

Exxon Mobil (XOM) - Exxon Mobil (XOM) Utica Shale News -  Exxon Mobil is also actively exploring several other early stage liquids-rich play in the United States, including the Utica Shale play in eastern Ohio and western Pennsylvania. Our position in the Utica stems from our recently completed acquisition of the Phillips companies and represents incremental upside to the Phillips acquisition, which was focused on the Marcellus. Exxon Mobil now has 87,000 acres in the Utica Shale

Encana (ECA) - Encana (ECA) is testing the Utica Shale in Michigan -  Michigan shale geology parallels properties of Ohio Utica shale
In Michigan, where Encana is targeting the combined Utica and Collingwood formations, the company holds about 430,000 net acres. In 2011, Encana drilled three wells into the Utica/Collingwood. Geological analysis of the shale cores indicates that the Michigan play has very similar properties to the Utica shale in Ohio.

One of these Michigan wells achieved a 7,500-foot horizontal lateral length and produced about 6.5 MMcf/d of natural gas during its first seven-day sales period, while the second well achieved a 5,300-foot horizontal lateral length and produced about 3.1 MMcf/d during its first seven-day sales period. Our analysis indicates recoveries of about 90 bbls of NGLs per MMcf of natural gas production, with small amounts of lease condensate.

"It is early days, but we are excited by our results to date, which show the Tuscaloosa to be a substantive oil system and Utica/Collingwood shale to hold strong liquids-rich potential. Our teams have made substantive progress in unlocking the commercial potential of these plays," said Jeff Wojahn, Executive Vice-President & President, USA Division.

Cabot Oil & Gas (COG) - Cabot Oil & Gas (COG) is now drilling in the Utica Shale - Cabot is scheduled to participate with Range Resources Corporation in a Utica/Point Pleasant test well in northwestern Pennsylvania. "We have 100,000 gross and 50,000 net acres in the play as a result of deep rights retained in an asset sale in 1997," said Dinges. "All indications place this acreage in an attractive position within the wet-gas window of the Utica."

- Forest Oil FST -  Over the last two years, Forest Oil has accumulated approximately 269,000 net acres, under lease or farmout at Utica ShaleUtica Shale (60 – 100% WI) – Forest drilled and completed the first three horizontal Utica Shale wells in Quebec's St. Lawrence Lowlands, which were successfully cased and fracture stimulated in four stages with rates ranging from 100 – 800 Mcf/d. Frac load flowback was incomplete due to the lack of coiled tubing units in the area. Forest expects to continue to test its wells after the winter season is over. Although sustained rates were not as high as anticipated, the tests have allowed Forest to identify the section of the shale it intends to target in future test wells. Each of the wells were tested in different sections of the Utica Shale with an objective of gathering data on productivity to allow optimization of future completions. Furthermore, Forest proved the ability to successfully drill the wells horizontally and pump multi-stage slickwater frac jobs without major operational issues.
( from seekingalpha )
Our mechanical success rate expanded in 2008 with a successful drilling and completion of a three well horizontal pilot program in the Utica Shale in Quebec. I need to remind you, we are the first mover in this play, and as a result, we are blazing the trail for development in this base.

Each of the three wells targeted a different section of the Utica and they were also in three different geographic areas. We tested our three wells after pumping four stage fracs on each one. Our rates achieved were between 100 Mcf per day and 800 Mcf per day without full recovery of the load water from the fracs.

The Utica like old shale will have an evolution of technique to become fully commercial. We've seen this in the Barnett and the Haynesville with earlier results being encouraging, but not nearly as good as they are today.

August 2009 Update:  Well, we have ten year leases up there, what we are doing there is we took all the rocks and the data, and did a frac rock mechanics work including with BJ in Houston and that was supposed to come out this summer and of course summer time is better than when we frac those wells.

Up to this point, we were the only company who had done horizontals, and I understand there have been two announcements publicly, one private firm in Cavalry, where we’ll have interest in I believe J.C. and then also Talisman has announced several horizontals, so we’d be interested in seeing how those come out on the drilling and the completion. Although, others have had trouble on the drilling, we have not. It would be the completion and basically what we are talking is about redoing it on the frac jobs and trying it again.

- Talisman Energy TLM -  Talisman Energy is very active in the Utica Shale Natural Gas Field -Talisman’s Quebec acreage is along the St. Lawrence River where the Company has currently earned or acquired a total of 310,000 net acres. The Company also has rights to earn up to an additional 460,000 net acres. In 2008, one well was drilled and another was drilling over year end. Initial tests from the Gentilly recompletion were also conducted. Talisman expects to complete the drilling component of its earning phase (two additional wells) by the end of the first quarter of 2009. The Company anticipates that testing will continue into the second and third quarters of 2009 depending on equipment availability. Talisman will continue evaluating the potential for commercial gas in Quebec throughout 2009.

2011 Utica Shale Update - In Quebec, the provincial government has announced that it will allow a limited amount of shale activity as part of a strategic environmental assessment. Production from Talisman's conventional areas was 441 mmcf/d of natural gas and 20,200 boe/d of liquids, up slightly from the comparable average for 2010. The company drilled 36 gross conventional wells (31.8 net) during the quarter.



- Equitable Resources EQT -  EQT has Utica Shale deposit exposure: CEO:  The second well at this point is a vertical into the Utica, that's where we're headed, we’ll frac and complete both of those wells. So, one will be horizontal, one will be vertical. See how it goes and produce them. If they work, we'll produce them into the pipeline at that point. Beyond that though if the Utica doesn't work we’ll just back off inside of that current vertical well and then drill out a horizontal Marcellus well through that same exact hole, that's one of the reasons we did this year as we sort of get a relatively cheap look at the Utica with this well. But if Utica works, we will produce. If it doesn't work we'll back off and drill on horizontal Marcellus. If the Utica does work, we'll go ahead and drill on the third well here. The third well will be a horizontal Marcellus well. Hope that clears that up.  Update:  We're still in that process of engineering, a bigger frac job in the Utica Shale. We're thinking about drilling another well but we don't know whether in the context of the market conditions whether we are going to do that sooner or later and when we drill later, if we drill, we liked it, frac both at the same time. So we're sort of on a little bit of hold on the Utica at this point.

Dominion Resources (D) - Dominion Resources (D) offers services in the Utica Shale Play - Our next major project in the Marcellus and Utica regions has been finalized. We have acquired a site on the Ohio River in Natrium, West Virginia to construct a large gas processing and fractionation plant. With the rising price of oil and the depressed price of natural gas, drilling activity in the region has shifted from a dry gas to wet gas areas of the formation as producers look to capture the economic value of the natural gas liquids. As a result, the region has a significant need for additional processing and fractionation capacity. The Natrium site can access production in both the Marcellus and Utica Shale regions and is able to ship products via barge, rail, truck and pipe, offering significant value to producers.
.

Range Resources RRCIn addition to pursuing the Marcellus Shale we’ve also initiated studies on the Utica Shale, Berquette, Genesse and Limestreet Shales. In terms of the Utica, we’ve actually been studying the Utica for a long time regarding to the Marcellus in 2004. I would imagine sometime next year we’ll probably drill our first Utica well. 

Range Resources Utica Shale 2010 Update: We've have also drilled, and tested one horizontal Upper Devonian well, and one horizontal Utica well in Pennsylvania. This is the first horizontal Utica well in the entire Appalachian Basin and the first Upper Devonian Shale well on Pennsylvania. Both wells successfully tested gas. However, we plan to keep the results confidential for a while due to competitive reasons. 
And in the Utica Shale, we think it's primarily perspective on the Western half of the State. The good news is we've got 1.3 million acres in the State from primarily all in Pennsylvania of which 600,000 acres are in the Southwest portion of the play. So, a lot of our acreages perspective for that is the big upside.

Consol Energy CNX - Consol Energy (CNX) Utica Shale Update -  Ohio Utica: In the Utica Shale Joint Venture with Hess Corporation, CONSOL Energy has completed its first horizontal well in the western portion of Tuscarawas County, Ohio. The company continues to evaluate the flowback from the well and is conducting additional testing before communicating results. A drilling rig will shortly be moving to the joint venture acreage in Noble County, where CONSOL will be drilling its first horizontal well in that county. Hess Corporation did not drill any of its 6 expected 2012 JV wells in the first quarter.

Chevron (CVX) - Chevron (CVX) Utica Shale Update - Clearly, excitement's been building on the Utica shale opportunity. And then something that's a bit of a focus this morning with Chesapeake's release and conference call. I know and I believe Chevron has 600,000 acres that you disclosed that has Utica oil shale exposure. But you didn't call that out in Slide 17. Maybe you could discuss how you're thinking about activity there and play potential into 2012?

George Kirkland

Okay. Well, let me first say we believe it's a little bit too soon to conclude on the potential of the Utica. We've got a good acreage position in the Utica from the Atlas acquisition. We're going to do what we do everywhere in the world. We're going to evaluate that. And the only the way we can evaluate it is we're going to have to drill some wells and test performance. So it's something for the future, but it's, like you say, too early at this point in time to, I think, hype it.

Rex Energy REXX - Rex Energy REXX Utica Shale -  In the first quarter, the company placed the Cheeseman 1H well into service. As previously announced, the well was drilled and completed in 2011 within the dry gas window of the Utica Shale and tested at an initial 24 hour rate of 9.2 MMcf/d. After being placed into service the well was curtailed for 30 days and produced at an average rate of 3.6 MMcf/d. During the past 30 days the well produced at an average test rate of 5.3 MMcf/d. The well continues to be constrained pending final completion operations. The company plans to drill one additional Utica Shale well, the Hufnagle 1H, in Butler County in 2012. Finally, the company plans to complete both its Super Rich Marcellus and Upper Devonian Rhinestreet tests during the fourth quarter.  Appalachian Basin — Warrior Prospect, Carroll County, Ohio

As previously announced, Rex Energy recently spud its first horizontal Utica Shale well, the Brace 1H, in April. The well is currently approaching vertical TD, at which time it will be logged and side-wall cores taken. The well will have a 4,500' lateral drilled and the fracture stimulation treatment is scheduled for the middle of June. The company anticipates providing an update on the well status during the second quarter conference call in August. The company plans to drill two additional horizontal Utica Shale wells in its Warrior Prospects in 2012.

The company has closed on the previously announced 15,000 acres in the Warrior Prospect. Approximately $6.2 million was spent during the first quarter on leasing efforts in the region. The Warrior Prospect acreage cost an average of approximately $3,900 per acre. The company is continuing to pursue additional leases in the area that will be accretive to its operational development.

Warrior South Prospect — Guernsey, Noble & Belmont Counties, Ohio

The company entered into a new Joint Development Agreement with MFC Drilling, Inc. ("MFC") and ABARTA Oil & Gas Co., Inc. The new AMI is located in the tri-county area of Guernsey, Noble and Belmont Counties, Ohio and is being referred to as the Warrior South Prospect. The initial acreage contribution encompasses approximately 4,500 gross (2,800 net) acres and is being obtained on a "drill-to-earn" basis. The initial commitments are to drill and complete one well and commence the drilling of two others by November 15, 2012. In order to maintain its rights, the company would be required to drill and complete three additional wells each year until it has satisfied the carry obligation. The company is continuing to actively lease in the area.

Hess Corp (HES) - Hess Corp (HES) now has a position in the Utica Shale - Hess Corporation (NYSE: HES) announced today it has acquired Marquette Exploration LLC and other leases in Ohio's Utica Shale, boosting its acreage position by 85,000 net acres at a cost of approximately $750 million.

The leases, in which Hess will have a 100 percent working interest, are in Jefferson, Harrison and Belmont counties. Appraisal activities on this acreage are planned to commence in the fourth quarter. Together with the previously announced joint venture with CONSOL Energy, the transactions provide Hess with approximately 185,000 net acres in the Utica Shale play.

"With these transactions, we have built a strategic acreage position in the Utica Shale, allowing us to strengthen our portfolio of unconventional resources in high quality assets, leverage our operating expertise and create significant potential for future growth in reserves and production," said John Hess, Chairman and CEO of Hess Corporation.

February 2012 Update - Regarding the Utica Shale, our appraisal drilling program will be designed to delineate the oil-, liquids- and gas-rich areas on both our 100%-owned acreage and that owned by our 50-50 joint venture with CONSOL Energy. On our 100%-owned acreage, we plan to acquire 200 square miles of seismic and drill approximately 7 wells. The joint venture will also acquire approximately 200 square miles of seismic and plans to drill 22 wells. We will also continue to pursue and delineate unconventional opportunities globally.

We're up to about 198,000 acres now in the Utica Shale. So we're very pleased with our early entry into that position and feel like it's a strategic acreage position, an emerging unconventional play. Remind everybody most of the land's either owned in fee or held by production, with the balance being under long-term leases. And, finally, the acreage has very high net revenue interest. So, again, a very nice position in an emerging play. Regarding the well, we recently completed that well in December that was drilled by Marquette prior to the acquisition. The well was drilled in a dry gas location, we knew that. But it was ready to complete, so we went ahead and completed it. And while we're still testing the well, we can report that the initial rate from the well was 11 million cubic feet per day on a 24/64 choke. So that's a very good result. We're very pleased with that result. It's very encouraging, but, obviously, there's a lot more appraisal drilling necessary to delineate our acreage position and, in particular, figure out where the oil condensate and dry gas windows are.

PDC Energy (PETD) - PDC Energy (PETD) Utica Shale Ohio  PDC has acquired the rights for up to 40,000 net acres in the Utica shale play in southeastern Ohio for approximately $70 million. The Company plans to fund $14 million in 2011 and expects the remaining $56 million to be funded in 2012. 

Magnum Hunter Resources (MHR) - Utica Shale -  Magnum Hunter Resources Corporation (NYSE:MHR) announced today that its wholly-owned subsidiary, Triad Hunter, LLC ("Triad Hunter"), has closed on the acquisition of leasehold mineral interests located predominately in Noble County, Ohio (the "Utica Acreage") from an undisclosed seller for a total purchase price of $24.8 million. The Utica Acreage consists of approximately 15,558 gross (12,186 net) acres predominately located in Noble County, Ohio. The net price paid per acre for this acquisition was $2,037. The majority of the leasehold acreage acquired in this transaction is held by shallower production. The purchase includes all depths of 300 feet below the top of the Queenston Formation down to all further depths. There is no associated shallow production included with this acquisition. There is a possibility of a second closing on another block of similar acreage that may occur on or before April 16, 2012, assuming the Seller can satisfy certain title deficiency requirements. The Utica Acreage is in close proximity to Triad Hunter's existing acreage position in Washington and Noble Counties, Ohio, and now provides Triad Hunter approximately 18,187 gross (14,815 net) acres in in these two counties, and a total of 23,214 gross (17,316 net) acres that are presently prospective for the Utica Shale.

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