% | $
Quotes you view appear here for quick access.

GASFRAC Energy Services, Inc. Message Board

  • dickins9670 dickins9670 Apr 14, 2011 8:45 AM Flag

    Company touts alternative fracking method

    A Canadian-based energy company that has developed an alternative to the controversial hydraulic fracturing method now widely used to drill for natural gas in the Marcellus Shale is spreading the word about the process in Tioga County, N.Y.

    Robert Lestz, chief technology officer for GASFRAC Energy Services Inc. -- located in Calgary with branch offices in Texas -- met Wednesday with the Tioga County Landowners Group in Owego, whose members collectively own about 126,000 acres.

    A session for the general public is scheduled for 6:30 p.m. Thursday at Owego Free Academy.

    GASFRAC Energy uses a process that injects gelled liquid petroleum gas, with three additives, into an underground rock formation to release trapped natural gas. During the fracking operation, Lestz said, the gelled liquid petroleum gas, or LPG, liquefies and returns to the surface as propane gas, which eliminates the need for a settling pond required by hydraulic fracking. The propane is recovered, chilled back into a gel and reused.

    "People sometimes look at it as miracle fluid," Lestz said. "But it's fair to say we have never seen an application using the technology that has given results less than the conventional methods."

    The company has completed 700 well treatments in Canada, Lestz said, which typically resulted in production rates two to four times over the rates from conventional methods.

    Last year, a pilot LPG-fracked well was drilled in Texas. The first commercial well was drilled there Tuesday and the company is looking at a similar strategy for New York state.

    "What we desire to see is a partnership with ourselves, landowners and operators in the region where we can have a sufficient mass of work to prove the viability of the technology to the community up here," Lestz said.

    Lestz's Owego sessions are GASFRAC's second foray into New York state this year. Last month, he made a presentation in Ithaca.

    Nick Schoonover, president of the Tioga County Landowners Group, said he became aware of GASFRAC about a year but waited to see how the company, which went public in August, would fare. The company's revenue has grown from $30.4 million in 2009 to $96.9 million the following year.

    But in January, its stock price fell after three of its workers suffered minor burns in a worksite explosion caused by leaking propane gas.

    "The company has been cautious about its growth and we've been concentrating on knowing if they have a better mousetrap," Schoonover said. "We want to educate our members about their process, work with them and see where it can go."

    SortNewest  |  Oldest  |  Most Replied Expand all replies
0.00010.0000(0.00%)May 24 10:46 AMEDT