Covalent Energy

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Arlington, Virginia-based Covalent Energy (aka Utica Energy) is a privately held exploration and development company with a 15,000 acre leasehold in the Utica shale play in central New York state. The company drilled Utica test wells during 2007.

According to a February, 2008 press release Gastem had exercised an option agreement with Utica Energy to earn up to a 65% working interest in 27,000 acres prospective for Utica shale in New York State. As part of the project, Gastem was to complete and frac three vertical wells by the end of Q2, 2008 and then begin a second phase that was to include two more vertical wells and a horizontal well. The drilling was to be completed in January, 2009. Previously in 2007, Utica Energy's test wells had encouraging results.

The first phase Gastem wells were located in Cherry Valley, Springfield and the Town of Maryland in rural Otsego County, New York. The well driller was Barber & Deline of Tully, NY.

The Marcellus shale and Oneida are two other prospective intervals that will be tested for gas production as identified by the logging.

Jonathan Kelafant is Covalent's President.