Chesapeake Energy Declares Success in Utica Shale
The largely undeveloped Utica Shale lies thousands of feet below the Marcellus Shale, and stretches beneath Kentucky, up through West Virginia, eastern Ohio, western Pennsylvania, New York and Canada. Just a day after the Wall Street Journal reported on the Utica Shale’s potential, Chesapeake Energy announced preliminary results of its Utica Shale development in Ohio and Pennsylvania.
Chesapeake has leased 1.2 million acres in the Utica Shale play. In a release, Chesapeake says their 12 horizontal wells have successfully produced both dry and wet gas. Wet gas is also known as ethane, and fetches a higher price than dry gas. Chesapeake is also looking to develop oil reserves in the Utica Shale. Shares of Chesapeake jumped to $29 dollars after the announcement.