CHK breaking camp, for all practical purposes, on new Utica action in Ohio

Good riddance.

This appears to be primarily because of bankers pounding on them. 

None of the scumbagery has caught up with the shale players yet.  It will

Wait till those chickens come home to roost.  Wait till the people that purchased assets from them and lent money actually examine the title.  When they realize that they have color of title instead of marketable title, I predict they will be very angry. 

Many of the "landmen" that ginned up the garbage title for the Shale players will be called to answer as well.  Mark my words, that shoe will drop.  It's a major, major part of the con shale players have been running on Wall Street and the bankers. 

Players in the state bar associations are boning up on their shareholders derivative law and there will be Civil RICO actions naming not only shale players but brokers as defendants.  Many of the large brokers will be disclosed to have ties to the Shale players themselves. which facilitated the conspiracy.

Oh what a tangled web we weave.........

Here is the story on CHK's Utica contraction:

Chesapeake Energy to scale back Utica Shale drilling in eastern Ohio

By Bob Downing
Beacon Journal staff writer




prices for natural gas and related liquids are forcing Chesapeake Energy Corp. to cut into Ohio operations.

The Oklahoma-based energy giant said Wednesday that it intends to scale back its Utica Shale drilling in the coming months as profits drop and production continues to climb.

Chesapeake will lower the number of drilling rigs in Ohio from five to two by the middle of the third quarter and will reduce the number of Ohio crews that hydraulically fracture, or frack, the rock from four to 2.5 for the rest of 2015, the company said in an earnings call with analysts and the media.

Similar cuts are being made elsewhere, with some of the biggest reductions coming in the Eagle Ford Shale in Texas.

The company needs to maintain two drilling rigs in order to hold on to its leased acreage in eastern Ohio.

Chesapeake, the No. 1 player in the Utica Shale and No. 2 producer of natural gas in the United States, said it is has been very pleased with recent natural gas results in Columbiana County.

Three wells recently completed there show significantly more potential than nine earlier-drilled wells, spokesman Chris Doyle said.

The company is seeing a 50 percent improvement in production with the new wells, he said, and the company could expand its core area beyond neighboring Carroll County into Columbiana County.

Chesapeake is continuing to expand its laterals in Ohio to produce better results, officials said.

The company in 2012 averaged 4,900 feet per lateral. That grew to 5,150 feet in 2013 and to 6,200 feet in 2014.

Laterals likely will average about 7,900 feet with 41 frack stages in 2015, about 27 percent longer than the previous year, officials said.

Longer laterals with additional fracking pay out far more than shorter laterals, the company said.

Extending Ohio laterals will cost Chesapeake more, however. It anticipates spending $8.2 million per well in 2015, up from $6.7 million in 2013 and $7.2 million in 2014.

Chesapeake began production on 38 Utica wells in the first quarter. The average peak production of those wells was 1,272 barrels of oil equivalents per day.

Net production in the Utica Shale in the first quarter averaged about 110 thousand barrels of oil equivalents per day, an increase of 10 percent from the previous quarter, the company said.

Chief Executive Officer Doug Lawler reported that despite commodity low prices, Chesapeake’s overall production grew by 14 percent in the first quarter compared to first-quarter 2014.

Bob Downing can be reached at 330-996-3745 or bdowning@thebeaconjournal.com.


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1s7k1qp9wk1t7Permalink Reply by 1s7k1qp9wk1t7 on May 10, 2015 at 12:17am

Irresponsible bull crap post Paul....it's sad that a handful of dummies who allowed themselves to get hosed have to resort to this reckless, mindless drivel. 

Permalink Reply by Joseph-Ohio on May 10, 2015 at 8:46am
Danny,

Thanks for your contribution to this discussion.

But, '.......a handful of dummies......' ?

Reads to me a lot like something a landman would write.

So, are you (or were you) a landman ?

Just curious.
1s7k1qp9wk1t7Permalink Reply by 1s7k1qp9wk1t7 on May 10, 2015 at 3:54pm

No landman here....just a guy who became a multi millionaire thanks to CHK. I'm not particularly enamored with them but I covered my rear and it's paid off handsomely. 

Permalink Reply by Joseph-Ohio on May 10, 2015 at 4:21pm
i see.
Permalink Reply by Joseph-Ohio on May 10, 2015 at 4:39pm
seems to me you were very fortunate then.

can you be more specific on exactly who you consider to be among the group you consider to be '.....a handful of dummies....' ?

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