Chesapeake Energy Co. (NYSE: CHK) is satisfied with results from its liquid-rich Utica shale wells in eastern Ohio, reports the Akron Beacon-Journal.
The Utica play ?will be solid for a lot of years to come,? company spokesman Steve Dixon said Thursday as the Oklahoma City-based company held an earnings call with analysts.
Chesapeake, the top shale gas driller in Ohio, is projecting what the industry calls ?estimated ultimate recovery? of 5 billion to 10 billion cubic feet of oil and gas equivalents from each well over its lifetime in its core area of Carroll and surrounding counties in eastern Ohio. That is significantly higher than what has been reported from wells drilled in the Marcellus shale play in Pennsylvania, the Beacon-Journal reported.
There also are Utica shale numbers in the press release that Chesapeake issued with its fourth quarter earnings report. Among them: The company had drilled 184 wells, including 45 producing wells, in the Utica play as of Dec. 31 and plans to operate 14 drilling rigs there this year.
Jeff Bell covers public policy, utilities, energy and the business of sports for Business First.