docFinder alert PLS PLS
Week of June 18, 2015Volume 5, No. 7

Where are the good rocks?

Some say Utica is best shale play in the US; record IPs, solid players, good rock


Utica Record IP 59 MMcf/d in OH

RRC - Heat Map

June 3, 2015

Full Presentation


46.5 MMcf/d in WV

MHR - Second Best Well

June 1, 2015

Full Presentation

Email us to start your free trial to docFinder!

This docFinder Alert takes a closer look at the Utica, a play that has shown some of the most impressive rocks of any of the US unconventional plays. The Utica may well be a pivotal source of gas for a long time as the United States marches toward becoming a major player in the world LNG markets.

In Washington County, Pa., Range Resources spudded the Claysville Sportman’s Club 11H well last February 2014 and drilled a 5,420’ lateral. The well has several records for the Utica/Point Pleasant shales. It holds top honors for the highest 24-hour IP – a whopping 59.9 MMcf/d, the highest IP per lateral foot (10.9 Mcfd/ft) and the highest pressure (10,289 psi).  For those who would like to experience the sights and sounds of a nearly 60 MMcf/d test, here’s a video. The slide above left is a Utica geopressure heat map showing other Utica/Point Pleasant wells in the area. The slide also shows townships to the SW and NE of Pittsburgh where RRC holds ~3,000 or more acres. Interestingly, this slide shows that Pittsburgh is sitting right on top of some of the best rocks in the country with Gas In Place figures of up to 365 Bcf per square mile including the stacked pays of the Marcellus, Point Pleasant and Upper Devonian formations. The stacked pays provide RRC an effective 1.56 million acres in the core areas of SW/NE Pennsylvania. Delivering on the economics, RRC has moved an impressive 8.8 Tcfe of resource potential into proved reserves in the last five years – and this does not even include the Utica/Point Pleasant potential.

The slide above right is from Magnum Hunter Resources and shows the second-best Utica well drilled to date. It is S/SW of RRC’s Claysville well in Tyler County, W Va. In the Stewart-Winland area, MHR drilled Tyler County’s first Utica well in April 2014, the Stewart Winland 1300H, with a 4,289 lateral. This well found 103’ of net pay and was fractured with 22 stages. The well tested at a peak 24-hour rate of 46.5 MMcf/d and after a regulatory delay began flowing to sales in early January 2015. MHR acquired part of its current 128,000 net acre Utica position via acquisitions by paying from $2,000 to $13,300 per acre. MHR is now touting the Utica/Point Pleasant as the best shale in the US.

More HOT slides down below.
Shown below are more hot slides from PLS’s docFinder database database from select other leading Utica players including Antero Resources, Rice Energy, Gulfport and Stone Energy.

Did you know?
Oil company execs, investors and bankers know full well the value of "competitive reconnaissance." PLS' docFinder database is COMPREHENSIVE and VALUABLE data source to help you stay current on industry and company developments.  

Click here to start your free trial today!

featured.slides from docFinder

Slide Slide Slide Slide

Utica Play Map

Top Well Results

June 10, 2015

Central Belmont, PA

Bigfoot: 40+ MMcf/d

June 3, 2015

Gulfport buying

$407 MM bolt-on

June 9, 2015

Stone Energy

30 MMcf/d Well

May 12, 2015

Antero Resources is the most active operator in Appalachia, running 16 rigs in Q1 2015.  In the Utica, AR boasts 7.6 Tcfe of 3P reserves and 149,000 net acres in the core.  As the slide above shows, the Utica dry gas window has been delineated in Ohio, Pennsylvania and West Virginia almost entirely by independents.  Chevron is the sole super-major operator in the play. This map shows the play’s liquids-rich areas in Ohio with the Myron Unit 1H leading the pack with a 30-day IP of 4,467 boe/d (52% liquids).  For the modelers among us, here’s a good slide providing base economics using Dec. 31, 2014 strip pricing. The dry gas window with EURs of 21.4Bcfe provides the highest RORs at 39%.  Notably, Antero also has the distinction of having the largest gas hedge position for US independents (~$2.2 billion market-to-market at March 31).

Rice Energy has built the company by focusing on the cores of the lowest break-even gas shale plays – Marcellus and Utica.  As the slide above shows, Rice holds ~50,000 acres in central Belmont County, Ohio, where the Utica/Point Pleasant core at 9,500’ yields 40+ MMcf/d IPs of about 1,100 Btu gas.  The position is largely de-risked with high porosity across Rice’s core position.  As of May 1, 2015, Rice expected its first five operated wells to produce ~ 85 MMcf/d, with each well producing 5-8 Bcfe in the first year.  At $1.79 realized (NYMEX $2.35) these wells return a 10% IRR.  At Dec. 31, Rice had an impressive inventory in this de-risked block of 356 locations. Rice is also controlling a large part of its destiny by retaining key gathering and water-handling assets as well being early in securing firm transportation.

On June 8, Gulfport Energy signed two deals with American Energy – Utica LLC for $407 million.  The deals bring 35,325 net (50,113 gross) acres in the core dry gas area of the Utica. Of the $407 million, $52 million is for 15 MMcf/d, 9 net uncompleted wellbores and 2.3 net wells undergoing completion. $20 million is for a gas gathering system (at book value).  Most of the acreage (29,127 net) is in Monroe County with an average NRI of 84%.  These lands are 85% HBP by a 10-well/year drilling commitment.  The remainder (6,198 acres) is in Jefferson and Belmont counties.  As the slide above shows, the lands are contiguous and a natural bolt-on to GPOR’s existing acreage.  Also, GPOR gets additional firm transportation of ~ 287 MMcf/d at $0.65/MMBtu building in volume through 2017.  The firm transportation delivers to Hub neutral markets including Dawn, Midwest and the Gulf Coast.

Stone Energy has successfully expanded beyond its legacy Gulf of Mexico talents to add the Utica/Marcellus as the second core area of the company.  As the slide above shows, SGY has 35,000 net acres in the Utica with the 30 MMcfd/d Pribble well in Wetzel County ranking among the best results in the Utica.  Currently during this “time out”, SGY is working on an optimal Utica development plan.  Within SGY’s Utica position, near-term additional infrastructure by a plethora of midstreamers is expected to reduce gas differentials by expanding markets to the North, Midwest and Gulf Coast. Meanwhile, SGY is focusing efforts on its GOM deepwater program.  Specifically, SGY will drill Cardona #6complete Amethyst and prepare Pompano for more drilling. SGY's 2015 mid point guidance shows an 11%production growth and 252% RRR.


Full Presentation


Full Presentation


Full Presentation


Full Presentation