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Wed., 10:38 pm: Experts: Halcon decision to halt drilling not unusual

March 5, 2014
By BRENDA J. LINERT - Business Editor , Tribune Chronicle | TribToday.com

WARREN Matt Kleese, a fourth-generation oil and gas industry businessman, learned from his grandfather years ago that everything comes around twice.

That's why Kleese, vice president of operations for Warren-based Kleese Development Associates, said today he isn't fretting yet over word this week that one of Trumbull County's most active drillers, Halcon Resources, has pulled its rigs from the county with no immediate plans to return.

"What I am being told by their representatives that I work with in the field is basically they have enough (wells) right now, and they are going to monitor it and keep it as an option. It's not very uncommon to do that. A lot of companies do that," Kleese said. "They will drill three or four or five wells, let them produce for a couple years and then go back to that."

Champion native Joseph Stanislaw, an independent senior adviser on energy and sustainability who founded JAS Group LLC, a Boston-based advisory firm, also predicts that, in time, Trumbull County drilling will resume.

"They are looking for the resources to cover the costs. We have to be in the right place with the resources we have," Stanislaw said by phone today from his Boston office.

"In the short term it's bad, but they are going to come back," Stanislaw said.

Read more about this story, and about Halcon's decision, in the Thursday Tribune Chronicle.

 
 

 

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