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USGS Releases First Assessment of Utica Shale Resources

On October 4, 2012, the U.S. Geological Survey (“USGS”) released the first assessment of shale gas resources in the Utica.  The assessment covered areas in Maryland, New York, Ohio, Pennsylvania, Virginia, and West Virginia. The estimate of undiscovered oil ranges from 590 million barrels to 1.39 billion barrels, natural gas ranges from 21 to 61 trillion cubic feet, and the estimate of natural gas liquids ranges from 4 to 16 million barrels (95 percent to 5 percent probability, respectively).

http://www.usgs.gov/newsroom/article.asp?ID=3419