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Industry News
Home >> About >> Industry News >> February 2012
February 11, 2012
Utica Shale Land in Eastern Ohio goes for Record $5,900 per Acre to Antero Resources
+ Marcellus Shale Natural Gas Energizing US Chemical Industry
+ Utica Shale Land in Eastern Ohio goes for Record $5,900 per Acre to Antero Resources
Get ready Ohio, the oil and natural gas industry is moving in, and moving in fast.
Announced only days ago, Denver based Antero resources has reportedly paid $112 million to lease approximately 19,000 Ohio Utica Shale acres in Belmont, Monroe, and Noble counties in eastern Ohio. Arranged between Antero and the Utica Landowners Group garners landowners a 21 percent royalty fee and is the highest price paid yet in eastern Ohio.
As recently as September of 2011, the Utica Landowners Group arranged the lease of 26,000 acres in Belmont County with XTO Energy, a subsidiary of Exxon Mobil, for $4,950 per acre and 19 percent royalties – the previous known record.
Companies like Antero and XTO Energy are scrambling to gobble up land in Ohio’s Utica Shale areas. Industry experts believe that Ohio may contain at least 5.6 billion barrels of oil, as well as a cache of ethane, propane, butane and pentane, not to forget the “dry” and “wet” natural gas that has driven development of the Marcellus Shale Formation across the boarder in Pennsylvania.
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