Tapstone wins Chesapeake’s Oklahoma assets in bankruptcy auction
Monday, November 30, 2020
Tapstone Energy successfully bid for and absorbed Cheapeake’s Oklahoma assets during a bankruptcy auction earlier this month, according to Natural Gas Intelligence.
The recent sale includes more than 700,000 net acres covering producing formations in west and northwest Oklahoma. It adds to Tapstone’s foothold in the Anadarko Basin in Oklahoma, Texas and Kansas.
The recently-sold assets accounted for just 12,000 boe/d of Chesapeake’s third-quarter 2020 production. Overall, Chesapeake produced 445,000 boe/d in the third quarter.
Learn more: Natural Gas Intelligence > Tapstone Energy wins Chesapeake’s Midcontinent assets in bankruptcy auction
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.