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Ohio Utica Shale

ExxonMobil announces major move into Utica shale

By Jim Mackinnon Published: February 4, 2014

ExxonMobil is increasing its Utica shale presences, the energy giant announced.

A company press release says: "Exxon Mobil Corporation (NYSE:XOM) today announced enhancements to its U.S. oil and natural gas portfolio managed by subsidiary, XTO Energy Inc., through separate agreements in the Permian Basin in Texas and Utica shale in Ohio.

" ... In a separate transaction involving its holdings in the Utica shale, XTO signed an agreement with American Energy – Utica, LLC (AEU) following a competitive bid process. The agreement will enable AEU to earn approximately 30,000 net acres of XTO’s Ohio leasehold in Harrison, Jefferson and Belmont counties. XTO will continue to operate in a core area of approximately 55,000 net acres, optimizing development by using proceeds from the transaction to fund 100 percent of near-term development costs.

“'We just initiated development in the Utica and are encouraged by results from our initial well that is producing at a peak 30-day rate of about 15 million cubic feet of dry gas per day,' (XTO Energy President Randy) Cleveland said. 'The agreement funds near-term development of a substantial operating position in this emerging play.'”

Read the full press release here.

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