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In the rolling hills of Eastern Ohio, the Utica Shale is poised to potentially become the largest oil and gas boom in the United States.
According to the Ohio Department of Natural Resources, the Utica Shale boast 1.3 billion to 5.5 billion barrels of crude oil and 3.8 trillion to 15.7 trillion cubic feet of natural gas of recoverable reserves in place.
Chesapeake Energy, Gulfport Energy, Enervest, Range Resources, Rex Energy and PDC Energy are just a few of the major operators developing this play with millions of acres under lease and horizontal wells that have reportedly tested as high as ~7,500 barrels of oil equivalent production per day.
Bonus payments to landowners are going for as high as $8,000 per acre in some areas as the Utica Shale play explodes across eastern part of the state.
There are a reported 2,000 wells planned to be drilled over the next several years with a long-term projection of 20,000 wells to potentially be drilled over the next decade. The billions of dollars coming into Ohio are literally transcending the state’s economy.
To find out more about the Utica Shale and how you can potentially take advantage of this tremendous opportunity through lease acquisition or partcipating as an industry investor, please contact us.