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 to be tested for gas production as identified by the logging.

A report surfaced in June, 2009 that Covalent had recently received three new permits in the same locations previously explored with Gastem: Cherry Valley, Springfield and Maryland. These permits were for vertical Utica shale wells. The Town of Maryland permit was for a well called Ross #1 that is within a mile of Stonehouse Road. It is situated near Crumhorn Mountain on the Ronald and Alberta Ross farm. Gastem USA, a wholly owned subsidiary of Gastem, was to develop these wells in partnership with Covalent. Both companies also planned to core the Marcellus shale formation and log all of the intervals including the Oneida formation. The wells are well located in proximity to gas gathering pipeline infrastructure.

Jonathan Kelafant is Covalent's President.