$70-million dollar Lordstown project dependent on local gas and - 21 News Now, More Local News for Youngstown, Ohio -

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$70-million dollar Lordstown project dependent on local gas and oil drilling

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YOUNGSTOWN, Ohio - An energy company is taking a wait and see attitude towards drilling more gas and oil wells in the Valley.

A spokesperson for Halcon Resources tells 21 News that the company currently has no plans to drill new wells here.

Halcon is waiting for the results of two existing wells before proceeding with further development of resources.

During a recent conference call, Halcon CEO Floyd Wilson said that results in the Northern Region of the Utica shale area, "haven't been too wonderful."

Halcon told investment journalists that it is directing it's focus on sites in Texas and Montana.

Halcon issued a statement on Wednesday saying it would be premature to comment on the future of it's previously announced plans to build a $70-million oil storage and rail loading terminal at the Ohio Commerce Center in Lordstown.

Halcon says that the project's development is dependent on the overall development of oil and gas projects in the northern tier, not just by Halcon, but by other operators in the area.

The statement says Halcon will honor its commitments to landowners pursuant to the terms of the leases it has signed.

According to a map supplied by the Ohio Department of Natural Resources, Trumbull County lies along the northernmost reaches of the Utica shale formations.

In the three county eastern Ohio region, Columbiana County has the greatest number of wells that are currently under production.

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