Chesapeake slowing down?

 

I live in western PA and there has been alot of activity by Chesapeake with multiple wells within a mile to several miles of my place.  I had been contacted by them ( as my lease is with them ) and they had intended to drill on my land and some surveying etc had been done etc.

Now, it seems they "have put it on hold until further notice".  I really wasn't told why however I know they are struggling with cash flow problems.  This was to be a utica well. 

So, has anyone had similar experiences since CHK financial woes started?  There is no issues I can think of otherwise unless they are strickly going into Ohio and are going to end drilling in PA for a while based on what they have found ( which as far as I know in my county, Beaver, it has been all dry gas with only rumors of oil or natural gas liquids.

I'd be interested to hear if it appears CHK is cutting cost across the board by not doing lots more drilling and instead bringing some product to market or if they are just running for eastern ohio and the oil instead of gas.

 

Thanks!

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Permalink Reply by JR on May 22, 2012 at 7:56am
That is contradictory to allthe action happening with big drillers and midstream providers going full bore throughout the Utica play. Mulit$$$ facilities, pipeline, etc have all been started. Yes, it's early, but have you seen Anadaroks reports among others? I'd love to know your source on this. 
Permalink Reply by Jason on May 22, 2012 at 12:18am
Craig - very concerning to me. I signed with CHK through Co Exprise February 3, CHK had my lease by February 18. 90 day period ended Saturday. Mason Dixon guy calls my wife today in an almost panic telling my wife he needs to come down and have me correctly fill out my W9. I call the guy back and explain that he's already breached the contract and that I'm not really sure how CHK could have let mine slip through the cracks until day 92.
If you were me - would you be concerned or should I just sign with mason Dixon? I contacted Co Ex and they didn't know anything that they have parted ways.
Thanks in advance.
Permalink Reply by thelma cathleen hays on May 22, 2012 at 6:59am

frist of all jason you need to read  your order of payment if chk dosnt pay in 90 days you have to give them writen notice, then they have so many days to pay before your free to sign with a other. also here in ohio co wv chk in running full bore. in the past few week they have fracked aleast 6 wells, three which is on my pad. dry gas dosnt have the money the chk needs to make right now. they have started the pipeline up in dallas pike so they are not messing around here, they wont these wells online asap.

 

Permalink Reply by Gerald Hohler on May 22, 2012 at 9:13am

Just did a motorcycle ride across St Route 7 from the Ohio River to State Route 250 and North to Moundsville WV. We saw 6 different areas where pipelines were being placed. Crews going gung ho. Lost count of all the pads and drilling rigs. It certainly looks like they want to get the product to market in WV.

Permalink Reply by Dan on May 22, 2012 at 1:49pm

It looks like that farther East and South too.  And a lot of preasure tank trucks and rail and processing plants.  Just guessing but I would think a lot of product will flow thru the new facility in Cameron, on to Majorsville thru to Houston PA. 

Permalink Reply by ji on May 22, 2012 at 8:40am

Don't worry once they start shipping gas to China they will be back.

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