"Chesapeake Energy touts shift from shale gas to shale oil
...
While Chesapeake has launched a plan to have 25% of its production volumes in the form of oil and liquids by 2015, the company has not forgotten gas. Saying its breakeven price for drilling in the Marcellus Shale is $2.45/Mcf, Chesapeake GeoScience Manager John Sharp said the Marcellus is poised for explosive growth this year and next. ..."
http://www.plattsenergyweektv.com/story.aspx?storyid=115557&cat...

Good news/bad news.  It's profitable to produce $3 gas, but landowner royalties will take a hit.  as would force-pooled profit-sharing landowners.  
.