Back in August I wrote a lengthy post relative to the flamboyant Aubrey McClendon. Briefly, McClendon left the company he founded, Chesapeake Energy, and had formed a new privately held company with the intention of exploiting the Utica Shale without the encumbrance of board of directors who did not share his tolerance for risk. That company, American Energy Partners LP, has raised $1.7 billion and is eager to get to work. It has, or will acquire, 110,000 acres described somewhat vaguely as being in the southern portion of the Utica. It hopes to have one rig drilling in the fourth quarter of this year. Over the next 2 to 3 years the rig count is projected to reach 12. Putting that in context, there are currently 34 rigs working in the Utica. McClendon is adamant in his bullish estimation of the Utica repeatedly stating that it is a richer find than the fabulous Texas Eagle Ford formation. It will be good to see him back in action and it will be bullish for Ohio too.
No comments:
Post a Comment