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Oil & Gas

Exxon Mobil acquires leases in Utica Shale

September 23, 2011
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HOUSTON — Exxon Mobil Corp. announced Thursday that it has acquired leases in Ohio’s Utica Shale, marking the company’s first foray into a field that is thought to hold vast amounts of crude oil, according to MarketWatch.

The Utica, a deeply buried rock formation, lies below parts of eight states, from Tennessee to New York, as well as parts of Canada.

Oil companies, however, have concentrated their leasing and exploration efforts in eastern Ohio, which they believe will yield more valuable oil and natural gas liquids.

Exxon Mobil declined to comment on the price it''s paying per acre or the percentage on production royalties.
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