Chesapeake Energy Continuing to Drill in Utica Shale Despite Sale

From the Morning Journal:
Chesapeake Energy may be selling its Utica Shale oil and gas assets in Ohio but the company is continuing to drill new wells in Columbiana County.

Chesapeake’s subsidiary, Chesapeake Exploration, has applied to the Ohio Department of Natural Resources seeking permits to drill two new horizontal wells at an existing drill site in Washington Township. The site is the Sevek farm off Clarks Mill Road. 
The news comes 10 days after Houston-based Encino Acquisition Partners announced it had reached an agreement with Chesapeake to acquire all 933,000 net acres of leasehold spanning the condensate, liquids-rich and dry gas windows of the Utica play in Ohio. The deal is worth $2 billion and expected to be concluded sometime in the fourth quarter.
Click here to read the whole article.

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

The Second Largest Oil and Gas Merger - Cabot and Cimarex

Is a Strong Oil Demand Expected This Year?