Chesapeake Energy Corp. (NYSE: CHK) has retained Meagher Energy Advisors to sell 94,205 net acres in the Utica shale in Portage and Stark counties, Ohio.
The leasehold is 53% held by production, totaling 49,977 net acres, with a weighted average net revenue interest of 84.5%. The sale includes two operated wells and one non-operated well.
The sale area is located in the 40 to 50 gravity oil window. The Point Pleasant formation is about 125 feet to 150 feet thick with 3% to 6% porosity.
Depths on the acreage include 300 feet below the top of the Queenston formation to the top of the Black River formation. The acreage also has favorable drill depths of 5,500 feet to 6,800 feet total vertical depth, good total organic carbon, and low water saturations.
Bids are due by May 16. The sale is expected to close on June 14. For more information, contact Jacque Semple, project manager at Meagher, at 918-481-5900, extension 221.