Flywheel Energy Development, an Oklahoma City-based oil and gas exploration firm, has submitted permits to drill three new horizontal wells in the Fayetteville Shale play in Cleburne County. This marks the first new drilling activity in the area since 2018. The company plans to invest $25-30 million in the project and hopes to unlock hundreds of new drilling locations. Flywheel currently owns and operates 5,600 natural gas wells in the area and has made significant investments in acquisitions and capital improvement projects over the past few years.
The resurgence in drilling activity is attributed to increasing natural gas prices and a less restrictive regulatory environment under President Donald Trump’s administration. The Henry Hub price for natural gas was $4.13 per million BTU in January, the highest since 2022. The U.S. Energy Information Administration predicts that prices will continue to rise through 2026.
The Fayetteville Shale play, which was once booming in the early 2000s, saw a decline in production due to low natural gas prices. However, with the current market conditions and regulatory changes, companies like Flywheel are looking to revitalize the area and capitalize on the potential for growth. The new wells planned for 2025 are expected to bring economic benefits to the region and create job opportunities.
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