EID's Shawn reports on Chesapeake's recent Utica Shale results:

"Chesapeake Energy held their third quarter earnings call on November 2^nd to discuss the company’s earnings, as well as provide an update for their Utica Shale holdings.  Prior to the call, Chesapeake released production results come from three wells recently brought into production in Harrison and Carroll Counties, all of which we quite promising.

Chesapeake is very excited about the potential of the Utica formation, and has focused attention to developing their acreage in eastern Ohio.  The company currently has 13 operating rigs in Ohio, making it the second most active formation  in which Chesapeake is currently active.

Through October, Chesapeake has developed 134 wells, with 32 in production and 37 additional wells waiting on pipeline connection. Another 65 wells are in various stages of completion.  As infrastructure and midstream facilities are completed, Chesapeake forecasts a significant increase in production, and are very optimistic about it’s returns. This sentiment was echoed by the company’s CEO Aubrey McClendon on Friday morning’s conference call with analysts.

We’re thrilled with the Utica, It’s just taken a while to show results because we’re simply waiting on midstream build-out to occur. – Chesapeake CEO Aubrey McClendon (McClendon Says He’s ‘Thrilled’ with Utica Results, 11/02/12)

This week’s report on the results of the three wells brought into production are, again, very promising for both Chesapeake as a company and the Utica Shale as a viable energy resource, demonstrating strong production with a significant mix of natural gas liquids and oil."

READ MORE: http://www.eidohio.org/chesapeake-report-shows-more-encouraging-res...