Friday, August 28, 2015

Ohio Oil and Gas Production Continues Surge Despite Price Drop

"We think our Ohio Utica is a tremendous asset poised for significant growth for many years to come."

Those words, from American Energy Partners CEO Daniel J. Rice IV, suggest that predictions of the demise of the oil and gas industry in Ohio may be premature.

According to a report in the Columbus Dispatch, "Ohio oil and gas production continues to break records despite warnings that sharply falling oil prices will cause the industry to decline."

Figures released by the Ohio Department of Natural Resources indicate that a record 5.6 million barrels of oil and 222 billion cubic feet of gas were extracted during the second quarter of the year, up from 4.4 million barrels and 184 billion cubic feet in the prior quarter.

The Dispatch report quoted a Marietta College professor as saying that companies "have been finding ways to reduce the costs of drilling and completing wells, which makes some of the wells viable even as energy prices fall."

Visit the Dispatch website for the complete article.

Visit our website for more information about the impact of oil and gas in Stark and Carroll counties.

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