Chesapeake Planning 5 More Producing Utica Shale Rigs This Year

From Columbus Business First:
Chesapeake Energy Corp. says it plans to begin operating five more wells in the Utica shale play before the end of the year even as it looks to sell about a quarter of its Ohio lease holdings.
The Oklahoma City-based energy company said in its second-quarter earnings reportMonday that it wants to increase its operational rigs in the Utica shale from 11 to 16 before the end of 2012. Chesapeake (NYSE:CHK) has drilled 87 wells in the Utica shale field in eastern Ohio as of June 30, according to its earnings report, but not all of those are operational.
The company singled out two wells in Carroll County, the heart of the shale boom in Ohio, and one in Jefferson County as notable recent completions. Those wells have peaked at 1,260 to 1,445 barrels of oil a day, Chesapeake said. A barrel isequal to 6,000 cubic feet of natural gas.
Read the rest of the article here.

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