facebook
twitter
search
search

Marcellus, Utica help lift Rice Energy

Rice Energy CEO sees future in Utica shale gas well.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Aug. 11, 2014 at 10:26 AM
| License Photo

CANONSBURG, Pa., Aug. 11 (UPI) -- Rice Energy, a company focused on eastern U.S. gas basins, said Monday natural gas output from Utica shale is among the highest it has seen so far.

In June, the last full month for which data are available, the company said it doubled its gas production when compared with June 2013. For the full second quarter, Rice said it produced 38.3 billion cubic feet of natural gas.

Chief Executive Officer David Rice credited the success to developments in the Marcellus shale area in Pennsylvania and the emerging Utica play in Ohio.

"We brought online 14 Marcellus wells and our first Utica well, which tested at a stabilized rate of 42 million cubic feet of gas per day and is shaping up to be one of the best wells in our company's history," he said in a statement.

Marcellus is the lead shale natural gas play in the United States. Utica is positioned geologically below Marcellus and is considered an emerging basin.

The company added Monday it was pursuing the formation of a midstream master limited partnership that would offer shares to the public in the first half of 2015.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules