Chesapeake Energy Corp.

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Chesapeake Energy Corp. has retained Meagher Energy Advisors to sell certain rights in the Utica/Point Pleasant trend in Ohio.

The package includes 337,481 net acres (510,847 gross) in 19 counties with rights limited to the Cincinnati, Utica, Point Pleasant and Trenton intervals. Most acreage lies in the wet gas or oil windows of the play. Target depth ranges from 2,000 to 7,000 feet with a combined Utica/Point Pleasant thickness from 100 to 300 feet. Some 270,484 net acres (80%) are held by production by the Queenston and Clinton zones. The average net revenue interest is 85%.

The rationale for selling, according to the company, is the “company-wide capex budget is being reduced, altering the company’s plans to develop all of its highly prospective Utica acreage. Utica/Point Pleasant development will be focused where Chesapeake’s land ownership is more concentrated.”

The package also includes two operated wells, one which is a Utica stratigraphic test drilled in 2012 and set with a temporary plug, and the other a Utica exploratory well drilled in 2012 with fracture stimulation scheduled for July.

The bid due date is July 11. The effective date is July 1. Contact Teri Williams, 918-481-5900 ext. 224,