Diversified buys 1,300 producing wells in Ohio, Pa.
Friday, April 28, 2017
Diversified Gas & Oil acquired 1,300 oil and natural gas producing wells in Ohio and Pennsylvania, spending $1.75 million, according to ShareCast News.
The acquisition is expected to lift the company’s gas production by 30,000 cubic feet per day, a 14 percent increase. Simultaneously, it will raise oil production to about 585 barrels per day, a 23 percent increase.
Additionally, the wells are expected to contribute $1 million per year to the company’s operating cash flow.
Learn more: ShareCast News > Diversified Gas & Oil buys 1,300 producing wells in the U.S.
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.
Pretty good deal …1,300 wells for 1.75 Million $.