Chesapeake Energy Admits to Mistake
Monday, December 17, 2012
According to the Akron Beacon Journal, analyst, Time Rezvan of Sterne Agee, reported that Chesapeake Energy Corp. acknowledged that Ohio’s Utica shale extends further south than the company thought.
Read it:
In addition, the gas edge of the Utica shale play also extends further to the west than the company had anticipated, it said.
Chesapeake Energy’s management “acknowledges the company misjudged the emerging fairway of the Utica shale,” he wrote.
The results from wells in Guernsey, Belmon, Noble and Monroe counties may end up better than wells in Caroll and Columbiana counties.
Perhaps this is one of the reasons Gulfport Energy has the top four producting wells in Ohio.
» Via: The Akron Beacon Journal › Did Chesapeake err on Utica shale fairway in Ohio?
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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.