Krugliak, Wilkins, Griffiths & Dougherty Co., L.P.A. presents
Utica Journal Discoveries - An Electronic Oil and Gas Newsletter
With offices located in the heart of the Utica Shale play in
Canton, Akron, Alliance, Massillon, New Philadelphia & Sugarcreek, Ohio
In Gerrity v. Chervenak, 2019-Ohio-4211, 157 Ohio St. 3d 1440, 132 N.E.3d 700, the Ohio Supreme Court accepted for review the question of whether a surface owner can publish before serving every holder with certified mail and what kind of search is required to identify the holder or holders of the severed mineral interest.
On October 26, 2020, in Crum v. Yoder, 2020-Ohio-5046, the Seventh District Court of Appeals (covering Belmont, Carroll, Columbiana, Harrison, Jefferson, Mahoning, Monroe and Noble counties) held that an internet search is not required when searching for heirs of a severed mineral interest.
Rising Phoenix Royalties (RPR) announces a 100% natural gas royalty acquisition in the Utica Shale, Monroe County, OH, from an undisclosed seller. This acquisition is RPR's third 2020 Appalachian Basin transaction.
Gulfport Energy Corp. filed for Chapter 11 bankruptcy protection Friday, becoming the latest exploration and production (E&P) company this year to succumb to low commodity prices made worse by the Covid-19 pandemic.
Third Quarter 2020 Highlights:
- Averaged net production of 2.0 bcfe per day, despite nearly 210 mmcfe per day of elective curtailments
- Decreased average well cost to approximately $569 per lateral foot during the quarter, resulting in capital expenditures incurred of $122 million
- Adjusted EBITDAX(1) of $210 million and net cash provided by operating activities of $183 million
- Generated $59 million of free cash flow(1) during the quarter
- Deliberate, multi-year hedge program delivered realizations totaling $114 million, or $0.63 per mcfe
- Successfully exchanged 92.7% of our 10% Senior Notes due 2022 while extending our weighted average maturity profile to approximately five years
- Borrowing base reaffirmed at $1.85 billion in November 2020
- Reiterating production, free cash flow and capital guidance for the year
Already on the ascent, the U.S. rig count’s trajectory bent further upward for the week ended Friday (Nov. 13), as strength in oil-directed drilling lifted the overall domestic tally 12 units to 312, according to the latest data from Baker Hughes Co. (BKR). However, the Utica Shale saw a net decrease of one rig during the period.
Bankruptcies in the North American oil and gas industry slowed to a total of three in October, but more filings are likely before year’s end, according to the latest monthly Oil Patch Bankruptcy Monitor report published Tuesday by Haynes and Boone LLP.
A decision about whether a Thai-based company will proceed with a massive petrochemical plant in eastern Ohio has been delayed again, raising more doubts about whether the project will proceed.
Roughly 7,000 workers are connecting some 300 miles of pipe and pulling cables at Shell Chemicals ethane cracker complex in Beaver County, Pennsylvania, a $6 billion project more than 70% complete, Shale Directories reports. Addressing his audience virtually at the Fourth Annual Appalachian Storage Hub Conference, the massive project’s spokesman, Michael Marr, presented an update/status report on the largest project in Western Pennsylvania in decades.