Chesapeake Declares Eastern Ohio RICH IN OIL!

Matthew Steffy of the Tribune Chronicle (July 29, 2011) reported an announcement made by Chesapeake:  "Utica Shale in eastern Ohio is liquid rich."  These results follow two years of "proprietary geoscientific, petrophysical and engineering research performed by Chesapeake. Eastern Ohio Utica Shale is said to be "characterized by a western oil phase, a central wet gas phase, and an eastern dry gas phase."   Chesapeake who currently holds 18 of the 24 drilling permits in Ohio plans to drill 20 wells by 2012 and 40 wells by 2014.  The discovery is said to increase the value of Chesapeake by $15 to $20 billion.

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Permalink Reply by Missy Boardman on July 30, 2011 at 2:00pm
The Buell well is not a Chesapeake well. It's an Ohio Buckey Energy well.  There is however a Chesapeake well in Archer Twp at the Jewett Sportsmens Club.
Permalink Reply by Gary R Sarisky on July 30, 2011 at 3:32pm
newton falls rd mahoning county theres a chesapeake/ohio buckey energy well
Permalink Reply by Tanya Gabriele on July 31, 2011 at 12:26am
I heard that well was no good.  Is it true?
Permalink Reply by Gary R Sarisky on July 31, 2011 at 11:26am
If its no good,why is there oil tankers coming and going from there? Thinking thats where they hit oil ?????
Permalink Reply by Tanya Gabriele on July 31, 2011 at 5:15pm
Thanks Gary.  I'm glad to hear the rumor was wrong.
Permalink Reply by scott jackovitch on July 31, 2011 at 1:03am
The buell well is a CHk well . CHK and Ohio Buckeye Energy are one in the same.  Also the sportsmans club well is just permitted. No work has begun there yet.
Permalink Reply by Buckeye Fan on July 31, 2011 at 7:24am
Scott, where can I go to see the "permitted wells"?
Thank you
Permalink Reply by Bill anders on August 1, 2011 at 3:05am
oh Buckeye is CHK
Permalink Reply by scott peterson on August 1, 2011 at 2:04pm
I think Ohio Buckeye is Chesapeake.
015334grltd9mPermalink Reply by 015334grltd9m on July 30, 2011 at 6:17pm
Wow!  Fella's this is really old news and if one looks back at Chesapeakes CEO's defensive remarks when their stock took a hit several months ago, he said all this at that time.  What he described is a "Big Liquid Play" in eastern Ohio and extreme W PA, he also decried that the Utica leases were worth $23 billion and that the stock did not reflect this.  Actually back in February when we here in the Mahoning Valley first met with a Mason Dixon rep., they admitted to us that it is oil in the Utica and not gas that is significant.  Most of us landowners in the Mahoning Valley really are not excited to lease at $2000 per acre and there is a push from the old independents who drill down to the Clinton to lease only the Clinton to produce a small income for us landowners and for us to hold onto the deep rights, it is only going up.
Permalink Reply by Tanya Gabriele on July 31, 2011 at 12:22am
Thanks for the reminder.  Actually, I don't know how they can truly guess-t-mate the value of what's under ground without tapping into it.  For instance, It bothers me when they tell us the oil is running out.  Yet, during the Gulf spill, they said that one well had enough crude to support the US for a 100 years?
Permalink Reply by John Hippely on August 1, 2011 at 1:18pm
As far as I know CHK has already picked out the prime areas it wants for production units in southern trumbull county.  I currently am leased with them but as of yet not been included in a production unit. I do however know that one production unit will be north of Newton Falls in Braceville Twp. One landowner there has over 800+ acres in Trumbull and several 100 more next door in Portage. The 5 acre area for a drilling pad and rig has already been staked out but I dont know if the permit for the well has yet been filed.. My information is pretty solid as I know one of the owners of a parcel adjoining the 800+ acre plot.  I live a few miles from them myself and was told the leasing bonus for the 800+ acre plot was 1.2 milion.. you can do the same research as any landman. Property searches via the auditors web page via the county in which you live is a great place to start.  keep in mind a production unit has to start with a large enough parcel to accomidate a 5 acre pad with adequate setbacks for pipelines and access roads from existing surface structures. also keep in mind that what ever drilling company places a well it will usually be close to existing pipeline infrastructure. That way the cost to get the resource to market is kept at a minimum.. 

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