Chesapeake Energy Co., the No. 1 driller in Ohio, released the company’s first production estimates for its Ohio Utica Shale wells, according to the Akron Beacon Journal and the company’s website.

Read the whole production and financial report here.

Report highlights

Chesapeake projected estimate ultimate recovery (EUR) of 5 billion to 10 billion cubic feet of equivalents from each shale well over its lifetime.  The Akron Beacon reports that Chesapeake’s Utica estimates are significantly higher than what’s been reported from Marcellus wells in Pennsylvania.

Three wells Chespeake completed in 2012 are featured.

Read it:

Three notable wells completed by Chesapeake in the Utica during the 2012 fourth quarter are as follows:

♦ The Houyouse 15-13-5 1H in Carroll County, OH achieved a peak rate of approximately 1,730 boe per day, which included 525 bbls of oil, 305 bbls of NGL and 5.4 mmcf of natural gas per day;

♦  The Cain South 16-12-4 8H in Jefferson County, OH achieved a peak rate of approximately 1,540 boe per day, which included 425 bbls of NGL and 6.7 mmcf of natural gas per day; and

♦  The Walters 30-12-5 8H in Carroll County, OH achieved a peak rate of approximately 1,140 boe per day, which included 315 bbls of oil, 220 bbls of NGL and 3.6 mmcf of natural gas per day.

Chesapeake’s current holdings

As of December 31, 2012, Chesapeake has drilled a total of 184 Utica wells, 45 of those wells were producing, 47 additional wells were waiting on pipeline connection and 92 wells were in various stages of completion. The company is currently operating 14 rigs in the Utica.

Chesapeake expects Utica production growth to accelerate in 2013.

» Via: The Akron Beacon Journal › Chesapeake Energy offers first estimate of production estimates for Ohio wells