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This excerpt taken from the CHK 8-K filed Oct 26, 2009. Marcellus Shale, where StatoilHydro (NYSE:STO) is Chesapeake’s 32.5% joint venture partner, Chesapeake’s gross operated daily production has recently reached 100 mmcf from approximately 60 Chesapeake-operated wells. Chesapeake entered the Marcellus Shale
play in 2005 through its acquisition of Columbia Natural Resources, LLC. In 2007, the company accelerated its leasehold acquisition in the play and initiated its first horizontal drilling activities. Chesapeake is now the largest leasehold owner in the Marcellus, the most active driller and expects to become the largest producer of natural gas from the play by year-end 2009.
Two notable recent wells completed by Chesapeake in the Marcellus are as follows:
Management Comments
Aubrey K. McClendon, Chesapeake’s Chief Executive Officer, commented, “We are pleased to announce that Chesapeake has set company records and reached significant production milestones in all four of our Big 4 shale plays. We are very proud of the remarkable accomplishments that our shale teams have delivered. We
look forward to continued strong results from these world-class fields for years to come.”
Chesapeake Energy Corporation is one of the leading producers of natural gas in the U.S. Headquartered in Oklahoma City, the company's operations are focused on the development of onshore unconventional and conventional natural gas in the U.S. in the Barnett Shale,
Haynesville Shale, Fayetteville Shale, Marcellus Shale, Anadarko Basin, Arkoma Basin, Appalachian Basin, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast and East Texas regions of the United States. Further information is available at www.chk.com. |