Gold Mine Of Natural Gas?
DIMOCK TOWNSHIP — For years now, Susquehanna County has been a focus of natural gas drilling but in some parts of the county, the amounts of natural gas are exceeding expectations.
One well is getting the most attention. An analyst calls its production “astonishing.”
The natural gas well between Springville and Elk Lake doesn’t look very special but analysts believe this is a gold mine for Cabot Oil and Gas. One said “superlatives are not enough to say how big this is.”
Cabot has long listed the King 2 well as one of its best performing wells. Recently Cabot executives said in a conference call it has a well that has produced 8 billion cubic feet of natural gas in only 667 days. Analysts like Richard Zeits did the math to figure King 2 is most likely the one. The Flower family down the road is benefiting from it.
Cornelia Flower, 96, and her family are getting some of the royalties from that super-well.
“Financially, it’s been very good. I’m not letting ‘em overdo it yet. It’s been very good.”
They’ve been able to build a new home and fix up the barn, so generations can enjoy the old farm.
“It doesn’t bother me and it’s helping everybody financially. We fixed up the barn, we fixed up things up on the property and it’s helped my grandchildren.”
“It didn’t make us billionaires or millionaires, but it did help us keep what we have and what we love,” said neighbor Suzanne Starace. “I would have never expected it there.”
If this really is a gold mine of natural gas, not everyone around here is striking it rich, but those living nearby hope with all the gas coming from this there will be more drilling in the area and more money for them.
“I didn’t know that was the big one. That’s cool. I hope they drill in this direction,” said neighbor Del Harvey.
Harvey lives just down the road. He’s in the middle of what some are calling the “sweet spot” of natural gas. Drilling is going on all around him.
“I know they said our area is really good but I didn’t know it was fantastic. That’s really cool!”
“It’s a gold mine for other people, but not for me. What can I tell you,” said neighbor Tom Vlachos.
Vlachos doesn’t own much property, but doesn’t mind seeing neighboring farmers benefit and more drilling coming to the area.
“If that happens, maybe I might get some bucks, but not too much.”
No one from Cabot returned our requests for comment on this so-called “gold mine” well, or confirm that analysts have the right one, but the company is reporting several wells exceeding expectations. Analysts say some production levels from some of those other wells in the area are also “astonishing.”