Chesapeake Energy has five drilling rigs working in Ohio and plans to increase that to eight by year's end. In fact, the firm plans to increase its net liquids production to roughly 150,000 barrels per day by the end of 2012, with output rising to 250,000 barrels by the end of 2015.
Chesapeake CEO Aubrey McClendon stated last month that he believes that the Utica Shale will be a transformative event not just for Ohio but for the entire country. McClendon is very excited about the entire Utica play and thinks ultimately 25,000 wells may be drilled I the Utica over two decades representing a $200 billion investment. Listening to Aubrey McClendon, it is clear his excitement is palpable. We feel the participation and sponsorship of the Utica Shale oil play by Chesapeake makes the Utica Shale oil play both credible and “investible” even at this early stage. ......Seeking Alpha
When's the last time you heard of anyone investing $200 billion in Ohio? That's a quarter of Obama's entire stimulus bill in 2009 or 370 Solyndras!
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