CHK bailing out of Texas....Good news for Ohio?

Chesapeake intends to sell off Texas-New Mexico assets

by Bob Downing on February 13, 2012

Oklahoma-based Chesapeake Energy Corp. said on Monday it intends to seek as much as $12 billion from asset sales and joint ventures to cope with a cash crunch amid rising debt and tumbling natural gas prices.

Bloomberg News reported that the company is expecting to get between $10 billion and $12 billion for selling its assets in the oil and gas fields of the Permian Basin in Texas and New Mexico.

It also expects to get another $2 billion from two separate transactions involving advance sales of output in Texas and Oklahoma.

Chesapeake has said it intends to pursue the liquid-rich Utica shale in Ohio, but is curtailing its natural gas-only developments in other areas.

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Permalink Reply by Glenn C. Keith on February 15, 2012 at 5:02am

The article refers to liquid-rich Utica shale. Can anyone tell me exactly which geographical locations in eastern Ohio are considered part of that liquid-rich area?

Permalink Reply by Glenn C. Keith on February 15, 2012 at 5:30am

It appears that Guernsey County is part in the wet gas area and part in the oil area. Is that correct?

Permalink Reply by Darrell Cochran on February 16, 2012 at 9:27am

Take a look at slide 31 on the below link.  This was something that I recently found, Magnus Hunter...notice the "wet" gas zone...hhhhmmmm.

 

http://www.magnumhunterresources.com/Magnum_Hunter_Resources.pdf

Permalink Reply by Philip Brutz on February 15, 2012 at 4:28pm

CHK has sold all of their leases for the western 2/3rds of Guernsey to Devon. CHK Bill of sale   One theory is that Devon is better at fracking oil shale.  CHK may be selling off areas that are just next to wet gas but not in it.  They have to pay interest on $10 billion of debt Forbes article:Chesapeake Energy's New Plan: Desperate Measures For...

Permalink Reply by Darrell Cochran on February 15, 2012 at 5:32am

I believe those maps are from 2006.  ODNR is supposed to be coming out with updated maps in the very near future.  I believe the wet gas zone will move much farther east than what is depicted...just my opinion.

Permalink Reply by Philip Brutz on February 15, 2012 at 4:38pm

Here is a Google Earth version of the same map that you can place your land on.  Utica Maturity

Permalink Reply by oildude on February 16, 2012 at 12:50pm

Has anyone been approached by Devon to lease? I would be interested in what they might be offering.

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