Rex Energy Leasing In Carroll County Utica Shale
Rex Energy, an independent oil and gas exploration company, announced that it has acquired rights to lease up to 11,000 acres in Carroll county, Ohio. The acreage is located in the Warrior prospect of the Utica shale play, one of the hottest new oil and gas discoveries in the nation. The Warrior prospect is located in the liquids rich or “volatile oil” part of the Utica shale. The company already drilled over 13 net wells in the Butler county Marcellus shale play in Pennsylvania. The actual target zone will be in the the Point Pleasant formation, which is located between the Utica shale and the Trenton limestone. The Point Pleasant formation is a mixed carbonate / shale interval that is sometimes included by geologists in the Utica formation.
Rex Energy expects to pay approximately $3,600 per acre for the Utica shale acreage.
The company has approximately 57,600 net acres prospective for the Utica shale, with acreage in Butler and Mercer counties in PA, and Carroll county in Ohio. Rex is drilling their first Utica shale well in Butler county and expects to frac the well by the late third quarter of the year.
Source: Rex Energy
Rex Energy has identified at least 80 net drilling locations in the Carroll county Utica shale Warrior Prospect. Chesapeake Energy and Enervest are also active in the area. In addition to being in the heart of the “liquids window”, proximity to pipelines and other infrastructure is one of the Warrior Prospects assets.