recent article in Futures.mag.com, horizontal shale plays are on the rise."
With 1,934 rigs currently working onshore the US, the number of rigs has increase by 308 over the year, spurred by increased drilling and development in various shale plays across the nation. An overwhelming majority of the wells currently being drilled are horizontal at 1,137."
Junior oil and gas company, American Petro-Hunter, Inc. (OTCBB: AAPH) announced September 8 th it is moving ahead with operations at the NOW-2H horizontal oil well site at the Company's North Oklahoma Project. All field preparations have been completed and readied for the arrival of the drilling rig.
The NOW-2H horizontal well is a direct 160 acre offset to, and ½ mile from, the NOM-1H well which began full commercial oil and gas production on July 6th. Once drilling commences and the Mississippi formation reservoir is reached vertically, the subsequent directional drilling will involve a 1,600 foot lateral leg drilled directly along the over-100-foot-thick pay zone. Drilling should take between 15-18 days to reach T.D., after which the Company confidently anticipates a rapid program to complete the well. According to the company, "The current objective is to have the NOW-2H pumping to the existing tank battery and gas pipeline by the end of October."
Hess Corporation (NYSE:HES) announced September 8 th it had acquired Marquette Exploration LLC and other leases in Ohio's Utica Shale, boosting its acreage position by 85,000 net acres at a cost of approximately $750 million.
Frac Tech International, LLC independent provider of oil and natural gas well stimulation services with expertise in high-pressure hydraulic fracturing filed a $1.15 billion IPO this month, evidencing the growth of horizontal drilling in the US and in particular shale plays.
Their customers include Chesapeake Energy Corporation (NYSE: CHK ), Anadarko Petroleum Corporation (NYSE: APC), El Paso Corporation (NYSE: EP ), Marathon Oil Corporation (NYSE:MRO) , Petrohawk Energy (owned by BHP Billiton Ltd.), Range Resources Corporation (NYSE: RRC ) and XTO Energy (owned by Exxon Mobil Corporation). Chesapeake Energy Corporation (NYSE: CHK ) is the largest US player in horizontal shale plays and is most active driller of new wells in the U.S.
Frac Tech revenues have grown from $214.4 million in 2006 to $1,286.6 million in 2010, a compound annual growth rate of 56.5%. According to the filing, "We are benefitting from a number of positive industry developments, including a dramatic increase in the amount and efficiency of horizontal drilling activity, an increase in the number of hydraulic fracturing stages per well and an increase in drilling activity in oil- and liquids-rich shale formations."
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American Petro-Hunter, Inc. (OTCBB: AAPH)
The Company is a goal-oriented exploration and production (E&P) Company aiming to become an intermediate level oil and gas producer within 12 months. The Company is in production at the Poston Project in Trego County, Kansas and the North Oklahoma Project. With the achievable target of becoming a 1000 BOE producer as our goal, American Petro-Hunter is actively on the "hunt" for domestic petroleum assets. Visit us at: www.americanpetrohunter.com
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