The Chesapeake deal gives Encino Acquisition Partners more Utica wells than any other company in the state.
“The Utica is our most important asset,” said Encino Energy President and Chief Executive Hardy Murchison. “It’s by far our largest and it’s our focus for the foreseeable future. We see decades of drilling ahead of us there and we see it as being profitable across a wide range of oil and gas price outlooks. This is our focus.”
The new partnership looked at oil and natural gas basins around the country. Chesapeake held a lot of high-quality acreage in the Utica Shale, and had built a great team of workers in Ohio, all of whom joined Encino, Murchison said.
Chesapeake also was looking to sell assets to pay off debts.Click here to read more.
Chesapeake’s acreage spanned the Utica Shale region, which has areas that produce everything from oil to natural gas to hydrocarbons like ethane that are used in making plastics and other chemicals.
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