Chesapeake Energy Planning more Rigs
Tuesday, August 7, 2012
Chesapeake Energy is planning on further expansion in Ohio’s Utica Shale play.Bizjournals.com reported that Chesapeake Energy Corp. plans to being operating five additional wells in Ohio’s Utica shale region by the end of 2012.
The news came from the company’s second-quarter earnings report.
Read it:
“Chesapeake and its midstream partners are making substantial progress in the construction of gathering and processing systems that will be essential for accelerating production from this rapidly expanding and important play. Chesapeake is currently operating 11 rigs in the Utica play and plans to exit 2012 with 16 operated rigs.”
Chesapeake Energy Corp. currently leases 1.3 million acres of Utica Shale play in eastern Ohio, more land than any other company. The company has, to date, drilled 87 wells in the region.
Though, because of a financial crunch, Chesapeake is selling drilling rights on roughly 338,000 acres of land it’s currently leasing.
More info:
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Chesapeake’s new rigs in the area will go nicely with the company’s new office in Stark County, Ohio.
» Via: BizJournals.com › Chesapeake Energy plans for 5 more rigs in Ohio’s Utica shale play this year
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