1st NRG Enters into Letter of Intent to Develop Utica Shale

Source: www.gulfoilandgas.com 9/26/2012, Location: North America

1st NRG Corporation has entered into a letter of intent with a private third party to initiate development of approximately 7,150 acres in eastern Ohio.

Letter Agreement
1st NRG is pleased to announce the Company has entered into a Letter of Intent to develop approximately 7,150 acres in eastern Ohio, one of the most active areas for oil and natural gas exploration in the United States. The Ohio Department of Natural Resources estimates the possible Utica-Point Pleasant recoverable reserve potential in Ohio to be between 3.75 to 15.7 trillion cubic feet and 1.3 to 5.5 billion barrels of oil. By drilling a test well, 1st NRG will earn all depths below the second Berea sand, which in addition to the Utica Shale may also include other formations such as the Marcellus shale, Clinton sandstone, Trenton Limestone, Black River, Beekmantown dolomite and Rose Run. By drilling a test well the Company will earn the rights to offsetting locations.

Management Comments
Mr. Kevin Norris, CEO said “This is another major step forward for 1st NRG and its shareholders as we diversify our activity and pursue opportunity in an area rich in NGLs and oil.”


Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


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