The buyer, EXCO Resources, gets 50, 000 acres in Pennsylvania, including 15 producing wells and 11 wells awaiting completion.
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Wells drilled down 75% in one year, and the number of producing wells dropping for the first time in a decade.
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It took away a lot of the risk in the play by drilling 36 producing wells so far and 10 awaiting completion.
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Chesapeake owns interests in around 44, 100 producing natural gas and oil wells that are currently producing around 2.4 billion cubic feet equivalent (bcfe), 93% of which is natural gas.
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South Oil Co. is already producing oil from wells in the same area and plans to expand.
In a complex transaction Macquarie issued debt and grabbed a 50% stake in the ultimately nicely producing offshore gas wells.
In fact, to illustrate the early nature of this industry in Ohio, recent estimates indicate 431 permits have been issued in the Utica shale, 178 wells have been drilled and 36 wells are producing natural gas.
Chesapeake Energy owns leading positions in the Barnett, Fayetteville, Haynesville, Marcellus and Bossier natural gas shale plays and in the Eagle Ford, Granite Wash, Niobrara and various other conventional and unconventional liquids-rich plays across the U.S. The firm has interests in over 44, 100 producing natural gas and oil wells that produce over 2.4 billion cubic feet equivalent per day, 93% of which is natural gas.
Some of these wells had already been producing for more than 50 years from platforms with wooden floors.
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Two wells there are already producing oil via the Lorcan processing facility.
Yet the commission has no record of Americana wells Sweesy told investors were producing oil between 1997 and 2005.
Industry has learned to use them in producing enzymes and in cleaning everything from oil wells to dirty shirts.
The study will look at detailed health histories of hundreds of thousands of patients who live near wells and other facilities that are producing natural gas from the same Marcellus Shale formation that New York would tap.
The Geisinger study will look at detailed health histories of hundreds of thousands of patients who live near wells and other facilities that are producing natural gas from the same Marcellus Shale formation that New York would tap.
Hydraulic fracturing involves the injection of fluid consisting of approximately 99.5% water and sand (the rest consists of common industrial or even household chemicals or materials) through wells constructed with protective casing and cement, into producing shale formations.
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Chevron can easily be a player because it already controls major acreage from wells drilled long, long ago and that are still producing to retain the leases.
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He asserted that it is not possible to deal with those temperatures and pressures even though wells drilled to the Wilcox with greater pressures than found at Davy are producing onshore.
At the peak in early 2003 tens of thousands of investors had stakes in more than 4, 000 oil wells over a 417 square-mile (1, 080 square-km) expanse, producing tens of thousands of barrels a day.
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