Posted on 09/27/2011 9:36:41 AM PDT by thackney
As a kid I always thought the pump jack in my Uncle Charlie’s backyard in Akron, Ohio was a little out of place.
Sure, Akron was the center of the tire-making universe for a time, and Uncle Charlie was a chemist for one of the biggest firms. But when I thought of the oil wells, I thought of dry, hot Texas, not green, cool Ohio.
Now it looks like Ohio is shaping up to be the Next Big Thing in oil and gas.
Earlier this month Hess Corp. made two purchases of Utica acreage worth more than $1.2 billion. ExxonMobil has confirmed it’s getting busy in the Utica, and there are plenty more deals to come.
The boom has created something of a land rush, reports the Columbus Dispatch, as everyone tries to figure out who owns what piece of property and what’s under it. It sounds like the Haynesville circa 2007, or Eagle Ford prior to 2009.
And at an industry forum in Columbus earlier this month, the potential economic benefits of development of the Utica were touted, which the Oil & Gas Energy Education Association claimed could add up to 204,000 jobs in the next four years and up to $14 billion in investments.
Chesapeake CEO Aubrey McClendon hasn’t been shy touting what he says is the Utica’s potential (is he ever shy?). The company has spent close to $2 billion on its 1.25 million-acre position there and now believes it is worth 10 times that much.
The reality check on that number could come in the next month or so, when Chesapeake and Houston-based EV Energy Partners (the general partner is private-equity fund EnerVest) announce the joint venture partner they have signed for the Utica acreage they own. McClendon has already said its an overseas company that will be signing the deal.
The environmental community doesn’t appear to have organized against the Utica boom quite yet, but there’s still time. The discovery of a landman’s notebook full of tips on how to rip-off unsuspecting land owners will no doubt help fan the flames in the future.
My Uncle Charlie no long has that Akron house with the pump jack. But my cousins still live in the area. Maybe it’s time for a little road trip, to reconnect with that side of the family…. hmmm.
Kill the great lakes directional drilling ban.
we need a drill baby drill president.
Texas move over?
I’m ready to move back home.
Now I have to look up where Utica, Ohio is.
Up just above Newark near the Licking-Knox county line. Nice people, Home of the Velvet ice cream company. Get you a bowl or cone of delicious Cherry Vanilla if you are ever going through.
Proud Buckeye !
I got 70 acres right here in oil-shale rich Ohio, and all the mineral rights.
The best part? The area of Ohio with prime drilling potential is just about the poorest part of the State. Big Oil will make some of those hardscrabble farmers rich, and that’s wonderful news!
Many coal mines on that side that closed up long ago.
My grandfather, my father and all his brothers worked in some.
It’s very close to where I am.Newark is about 20 mi away.Land and homes are very cheap in this area.
Not for long.
I hope you are right because we have a second home we bought inside the city here that I would be happy to sell to someone for more than we paid.I’d settle for $60K but would be really happy to se it go for more.It is a 3 bedroom in the historic district.
I want to go home.
My newest Godson is in Canton. I’m ready to come back before he is all grown up without me.
Can I use a bit of it to park our camper on before we find our new home? My girls and I are hard workers and we bake some mean Chocolate Chip Cookies!
I'm open to that suggestion. It's a former Scout (boy and girl) Camp. No electricity (it's turned off). Water is good right out of the creek. Outhouses still operational.
Freepmail me to discuss further details.
>>It’s a former Scout (boy and girl) Camp.<<
Seriously? Wow! I was kind of expecting a spot to park the camper and bring the generator. A real camp would rock!
Let me see when the jobs open up and I sure will be in touch. Thanks!
Bring the generator. Talk to you later. Good luck.
Makes me wish I was back in Ohio. It would beat the Republic of Kaliforniastan any day.
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