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Tuesday, April 12, 2011

Natural Gas Story Keeps Getting Bigger -- Not a Bakken Story

Link here.

Data points.
  • There are more formations than just the Marcellus in Pennsylvania that have natural gas reserves
  • "This is Marcellus times two"
  • Potentially a "natural gas triple play"
  • Range Resources Corp (Texas-based) drilled first Marcellus well in 2004
  • At least four drillers, including Range Resources, will explore additional formations below the Marcellus
  • Natural gas reserves in the US highest in 40 years
  • By 2035: shale gas will account for 46% of US natural gas production
  • So far, 2,748 wells have been drilled into the Marcellus (399 in first three months of 2011)
  • Expectation: 5,000 into the Marcellus "in the coming decades"
  • The Utica formation: 200-feet thick; 8,450 feet below the surface (about the depth of a ND Bakken)
  • Utica formation below the Marcellus might not require fracking
  • Others say the Utica in Ohio is better; not as deep

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