Rig count, oil production falls over the past week.
The drive marks the third try in four years to tighten oil and gas drilling regulations in Colorado, which is the fifth largest oil-producing U.S. state.
The natural decline rates of existing oil and gas wells across major shale plays in the U.S. will contribute to a tighter supply/demand balance.
Analysis reveals a 20% output decline in a $1.80 to $1.90 Henry Hub scenario for the shale gas play.
Chesapeake Energy applied for the lease suspensions in late April and had received 108 approvals by mid-May, according to an analysis of the data.