This Major Oil Field Has Been Disappointing

Activity in the Eagle Ford and Bakken oil and natural gas basins set high expectations for the Utica. Is it meeting the hype?

Taylor Muckerman
Taylor Muckerman and Joel South
May 8, 2013 at 5:35PM
Energy, Materials, and Utilities

Energy companies in search of the oil and natural gas basin of the future thought they struck black gold in the Utica Shale that extends underneath most of Ohio and western Pennsylvania. Much to their chagrin, the oily future of this play has appeared to be drier than many thought. Because of this, companies like Chesapeake Energy (NYSE:CHK) and Devon Energy (NYSE:DVN) have decided to sell out of their non-core Utica acreage. 

Gulfport Energy (NASDAQ:GPOR) however, is one company that is dumping a significant portion of its resources into this area. An expected $500 million will be spent here in 2013 in the hopes of driving significant growth within the company. Is this a wise strategy? Find out in the video below.