The Utica shale formation was supposed to be "the best thing to hit Ohio since the plow." Or at least that what former Chesapeake Energy (NYSE:CHK) CEO Aubrey McClendon thought. Based on the recent numbers from the Ohio Department of Natural Resources, though, it may not be as spectacular as many had hoped. Recent well data shows that wells in the region are producing about 82% natural gas. This may not sound like a huge deal, but it could be discouraging for big Utica players like Chespeake, Gulfport Energy (NASDAQ:GPOR), Magnum Hunter Resources (NASDAQOTH:MHRCQ), and Antero Resources (NYSE:AR) that were hoping to find a considerable amount more liquids in the region than its Pennsylvainia counterpart the Marcellus shale.
Tune into the video below to find out why the numbers in the Utica may not be as encouraging as some might have hoped and why only 25% of the wells that have been drilled are actually producing oil and gas today.