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Ohio Utica Shale

Ohio firm acquires lease rights to 2,200 acres in Wayne County

By Bob Downing Published: February 15, 2013

An Ohio drilling company on Friday announced that it has acquired lease rights to 2,200 acres in Wayne County.

The announcement came from the Cardinal Energy Group based in the Columbus suburb of Dublin.

The leases from the Chase Energy Group cover the shallow but prolific Clinton sandstone that has been the site of extensive vertical-only wells over the years.

The formation, at depths of 3,500 to 6,000 feet in Wayne County, has been drilled in the past by Belden & Blake Corp., Range Resources and Atlas Resources.

"We are enthusiastic about this acquisition," said Timothy W. Crawford, the president and CEO of Cardinal Energy Group.

His company plans to drill five wells on the acquired Wayne County acreage in 2013.

The acreage is currently held by production by Devon Energy, an Oklahoma-based company that owns the deep lease rights.

In late 2012, Devon Energy has plugged horizontal wells in Medina and Ashland counties that had failed to produce enough oil.

It is also drilling wells in Knox, Coshocton, Holmes and Guernsey counties.

Such wells can cost between $5 million and $10 million each.

The Cardinal Energy Group specializes in reworking existing wells to restart or increase production.

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