Why investors should pay attention to the Utica Shale oil play

Part 4
Why investors should pay attention to the Utica Shale oil play (Part 4 of 7)

Which major players are investing in the Utica Shale? (Continued)

Chesapeake Energy and American Energy Partners aren’t alone in the Utica Shale (continued)

EV Energy Partners (EVEP)

EV Energy Partners (EVEP) is an MLP, of which EnerVest is the controlling member of the GP (general partner). Both EnerVest (private) and EVEP (public) hold assets in the Utica Shale. Combined, EVEP and EnerVest have more than 900,000 acres in Ohio (not all of which is prospective for the Utica Shale). EVEP has 177,000 net working interest acres. As of June 20, 2013, overall Utica activity included 747 wells permitted, 359 wells drilled, and 102 wells producing. Chesapeake Energy, EnerVest, and Total are also working together in a joint venture (or JV) in the Utica, which is currently running 12 to 16 rigs. In June, the JV had 65 producing wells, 54 wells waiting on pipeline capacity, and 540 planned total wells to be drilled through 2014.

2013.08.24 - EVEPEnlarge Graph

 

Gulfport Energy (GPOR)

Gulfport Energy (GPOR) has 136,000 net acres in the Utica Shale and 6.59 net MMboe (million barrels of oil equivalent) of proved reserves. GPOR produced 3,524 barrels of oil equivalent per day during 2Q13 in the play. For 2013, the company plans to invest ~$499 million of capital expenditures in the area and is currently running seven rigs there, with a plan to drill ~55 to 60 gross wells. During 2Q13, the company spud 16 wells. Average production in 2Q13 was 3,524 barrels of oil equivalent per day, and the quarter exited at 6,993 barrels of oil equivalent per day.

 

2013.08.24 - Gulfport - 3Enlarge Graph

 

Magnum Hunter (MHR)

Magnum Hunter has ~80,000 net acres prospective for the Utica Shale. On August 12, 2013, a wholly owned subsidiary of Magnum Hunter agreed to acquire rights to up to 32,000 net acres over a ten-month period, for a total maximum purchase price of $142 million. The company spud its first horizontal well in the Utica Shale in April.

2013.08.24 - Magnum HunterEnlarge Graph

 

PCD Energy (PETD)

PDC Energy (PETD) has ~46,000 net acres in the Utica Shale. The company plans to spend $96 million there in 2013, with one operated horizontal rig and 11 planned new wells. It expects 2013 production from the play to be ~1,074 barrels of oil equivalent per day.

2013.08.24 - PETD WellsEnlarge Graph

Rex Energy (REXX)

Rex Energy (REXX) had 80,200 net acres in the Utica Shale as of year end 2012. For 2013, the company plans to drill 8.1 net (nine gross) wells in the area.

2013.08.24 - Rex Energy - SEnlarge Graph
2013.08.24 - Rex Energy - NEnlarge Graph

 

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