Why investors should pay attention to the Utica Shale oil play (Part 1 of 7)
The Utica Shale
The Utica Shale, whose core is primarily in eastern Ohio, is a play that energy players have been watching. According to the USGS (U.S. Geological Survey), the Utica Shale “contains about 38 trillion cubic feet of undiscovered, technically recoverable natural gas” and “a mean of 940 million barrels of unconventional oil resources and a mean of 208 million barrels of unconventional natural gas liquids.”
The play has been building momentum over the past several years since Chesapeake (CHK) revealed its involvement in the play in late 2011. As of April 3, 2013, the play had 107 horizontal wells producing, 231 horizontal wells drilled, 43 horizontal wells currently being drilled, and 375 horizontal wells permitted, according to the Ohio Department of Natural Resources and the Pennsylvania Department of Environmental Protection.
Read on to learn more about why you should pay attention to this emerging play.
Continue to Part 2