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Marcellus, Utica help lift Rice Energy

Rice Energy CEO sees future in Utica shale gas well.
By Daniel J. Graeber   |   Aug. 11, 2014 at 10:26 AM   |   Comments

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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.

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