Chesapeake Energy Corp. remains very intrigued by the crude oil potential of Ohio’s Utica shale.
The Oklahoma-based energy giant "continues to be pleased" by a horizontal well in Tuscarawas County that is producing more crude oil than expected, company senior vice president Chris Doyle said Wednesday in a third-quarter earnings call with analysts and the media.
The Parker well in Perry Township produced 14,714 barrels of oil from April through June, according to Ohio Department of Natural Resources’ records.
Doyle said the oil is flowing naturally, although the company may add mechanical lift in the near future to improve oil flow from the well.
The Parker well is "outperforming expectations," he said.
Chesapeake, the No. 1 player in the Utica shale, intends to add another four or five new wells in the area where Stark, Tuscarawas and Carroll counties meet by mid-2015 to search for oil, he said.
The so-called oil window is "growing, not shrinking," Doyle said.Read the rest of the article by clicking here.
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