Antero Resources – the most-active oil and gas driller in Pennsylvania – has downgraded their production estimates for two sections in Utica shale by more than thirty percent each.
Of one of the zones – downgraded by thirty-four percent – the company said that it has “seen some encouraging early results,” yet the limited number of wells drilled leave some uncertainty as to the productivity of the area.
Antero’s oil and gas wells are located in the Utica and Marcellus shale regions of Ohio, Pennsylvania and West Virginia. Although it has lowered some of its expectations for the Utica, it still estimates producing 783 to 787 millions of cubic feet per day of natural gas, up 105 percent from 2013’s first quarter and up 16 percent from the previous quarter.
Earlier this month, Antero – which already has 107,000 acres under lease – announced finalizing a lease for acreage owned by the Muskingum Watershed Conservancy District – Ohio’s biggest water conservancy district. The deal would give Denver-based Antero (NYSE:AR) access to 6,700 acres in Belmont and Harrison counties.
The deal is expected to be approved by the district by 18 April.
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