Texas-based EnerVest Ltd. intends to sell off 539,000 acres of its Utica shale holdings in Ohio and hopes to get more than $6 billion in return, the Wall Street Journal reported.
The company intends to retain 231,000 acres in eastern Ohio
The firm would like to complete the proposed sale or sales by Dec. 31, the newspaper reported.
Houston-based EnerVest has drilled four wells in eastern Ohio in addition to 58 wells that have been drilled by EnerVest’s partner, Chesapeake Energy Corp.
The EnerVest buyer would become Chesapeaker’s new partner on those 58 wells.
EnerVest has spent about $1.2 billion in Northeast Ohio in the last decade to become Ohio’s biggest energy producer.
It represents 25 percent of Ohio’s oil and gas production prior to the Utica shale boom.
It has more than 26,000 wells in 12 states with reserves in excess of 4 trillion cubic feet of natural gas.
EnerVest is a privately held company with a publicly traded arm, EV Energy Partners LP.
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.