Interest in emerging Ordovician Collingwood/Utica formation play highlights year in Michigan oil and gas exploration and production industry; drives leasing of state-owned minerals to all-time highs of $178 million in bonus, $1,507 per acre

摘要

MT. PLEASANT, Mich.-The year 2010 has been an eventful one in the Michigan oil and gas exploration and production industry.A late 2009 and early 2010 well in Missaukee County's Pioneer Township (T24N-R7W) drilled by a subsidiary of Alberta, Canada-based Encana confirmed the presence of potentially commercial quantities of natural gas in the Ordovician Collingwood and Utica formations shortly before bidders at the May 4, 2010 state of Michigan oil and gas lease auction broke spending records in spectacular fashion, paying more than $178 million for the rights to 118,117 acres-primarily in areas prospective for Collingwood/Utica exploration-resulting in an overall average per acre of more than $1,507.