Utica Production Surges in Quarterly Update
The Ohio Department of Natural Resources released its first quarterly production update thanks to a new law that requires production to be reported on a quarterly versus annual basis. The report showed that Ohio’s 245 horizontal wells produced a total of 1,332,477 barrels of oil and 33,606,075 thousand cubic feet of natural gas during the third quarter of 2013 (July to September). Industry analysts say that the results are positive and indicate that the 245 wells could produce as much as $1 billion in revenue per year . Ohio’s largest producing oil well is operated by Gulfport in Harrison County and produced 41,617 barrels of oil during 70 days of production in the third quarter. The largest producing gas well is also operated by Gulfport, but in Belmont County. That well produced 1,249,739 thousand cubic feet of natural gas during 89 days of production.