Company strikes 'black gold' in Trumbull County - 21 News Now, More Local News for Youngstown, Ohio -

Company strikes 'black gold' in Trumbull County

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HOUSTON, Texas - An independent energy company is reporting promising results from one of its wells in Lordstown and says it has room for hundreds of more wells in Trumbull and Mahoning Counties.

During a second quarter earnings webcast Thursday, Halcon Resources Corporation Chairman and Chief Executive Officer, Floyd C. Wilson said Halcon's Kibler 1H well on Brunstetter Road in Lordstown is testing at a production rate of 2,233 barrels of oil per day. Wilson says the well is producing 75% oil and gas liquids. Oil producing wells are more valuable to energy companies than wells that mainly produce natural gas.

Wilson called the well one of the top producers in it's Utica shale region, and noted that the company has room for 500 wells in the area. "We have a very large area down in Trumbull and Mahoning Counties that is going to be productive." said Wilson.

In June, residents of the Westwood mobile home development in nearby Weathersfield Township complained about the noise being produced by flaring at the Kibler 1H well.  Flaring is a process of burning excess gas being produced by a well. Flaring no longer taking place at the well.

According to a statement from Halcon, the Company has significant holdings in Trumbull and Mahoning Counties and believes there is potential to drill hundreds of wells on its acreage in the area over time.

Wilson said Halcon has it's largest concentration of wells in Kibler area.  Four of the company's nine wells in a 30 to 35 mile stretch are showing uniformly good test results, according to Wilson.  He says Halcon will have three more wells coming on line in the area of the Kibler well in the coming weeks or months.

Wilson says Halcon is moving quickly to connect wells in the Kibler area to processing locations.  He anticipates product from seven of the nine wells to be flowing into pipelines by the end of the year.

A Halcon subsidiary has entered into an exclusive arrangement  to build an oil storage and rail-loading facility at the Ohio Commerce Center in Lordstown. The Commerce Center has direct access to rail service, making it an ideal location to support the rapid production growth expected in the region. Wilson says other drilling companies would be able to use the facility as well.  

The company is also engaged in discussions for a potential joint venture to develop a high pressure, rich gas gathering system and scaled cryogenic gas processing for Halcon's oil and gas assets in Ohio and Pennsylvania. Halcon does not say if it is considering a particular location for the plant.
 

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