EV Energy Partners LP (EVEP) said that although it has received offers for its acreage in the Utica Shale, the company does not expect to announce an agreement before the end of the year.
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Penn Virginia Corp.’s 40% working interest partner in its Lavaca County, TX, Eagle Ford Shale acreage has elected to go “nonconsent” on the last 17 initial unit wells on the acreage. Penn Virginia said it will seek a partner to acquire the 40% working interest. Of 17 initial unit wells, seven have been drilled, two are being drilled and eight remain to be drilled, the company said. The current working interest partner will have no participatory rights in any subsequent wells drilled in the unit. As a result, Penn Virginia’s net Eagle Ford acreage in Lavaca County will increase from about 9,200 acres to about 13,400 acres upon the drilling of all of the initial unit wells. “We expect that each of the drilling units will support up to an additional four primary development wells after the initial well,” Penn Virginia said. “To date, our Lavaca County wells have generally met or exceeded expectations with average reserves of approximately 500,000 boe and attractive economics.” In October, Penn Virginia acquired about 4,100 net Eagle Ford acres in Gonzales and Lavaca counties for about $10 million. Other nonoperated working interest owners were expected to acquire some of the acreage (see Shale Daily, Oct. 4). One year ago, the company said it was exploring the Eagle Ford with an undisclosed “major oil and gas company” (see Shale Daily, Dec. 21, 2011).
Consol Energy Inc. and EQT Corp. were the only companies to submit bids for leases to drill for natural gas on 9,263 acres at Pittsburgh International Airport and Allegheny County Airport just outside of the city, according to the Allegheny County Airport Authority (ACAA).
Of the estimated 33,000 natural gas customers who were impacted by Superstorm Sandy, New Jersey Natural Gas (NJNG) reported on Wednesday that it had restored service to about 18,000 meters on Long Beach Island in Monmouth County and parts of Ocean County. However, before gas can flow to the meters, residents have to return to their homes, have their electricity restored and hire qualified technicians to ensure the equipment is safe to operate, said a NJNG spokesman. He said it was a “little harder to quantify” how much of the distribution system’s infrastructure, which was damaged by Sandy, would have to be replaced.
Despite fierce competition, Gulfport Energy Corp. CEO Jim Palm said his company has managed to acquire additional acreage in the Utica Shale as it looks to determine type curves, well spacing and how long it should wait before bringing new wells into production.
A Southwestern Energy Co. official said the company will donate $900,000 to The Nature Conservancy to fully fund the first of a three-phase project to restore waterways in Arkansas’ portion of the Fayetteville Shale.
The effects of cheap U.S. ethane were writ large in the third quarter results of Westlake Chemical Corp., which has a number of projects under way to take greater advantage of the low-cost feedstock.
Houston-based independent Sanchez Energy Corp. grew its production by more than 350% from a year ago as of the end of the third quarter, said the company, which has a 95,000 net acre position targeting the liquids-rich Eagle Ford Shale, Pearsall Shale, Austin Chalk and Buda Limestone.