Chesapeake Markets Acres in Stark, Portage Counties
YOUNGSTOWN, Ohio -- Chesapeake Energy Corp., the largest driller in Ohio's Utica shale, is looking to sell more than 94,000 net leasehold acres in Stark and Portage counties.
According to a listing posted on Meagher Energy Partner's website Tuesday, Chesapeake wants to unload 94,205 net acres in what is generally thought of as the "oil window" of the Utica play.
The sale includes three wells, two of which Chesapeake operates, the listing said. Details on the site describe the acreage as having good organic compound and low water saturations.
Chesapeake holds the most acreage of any energy exploration company active in the Utica play with 1.2 million acres under lease. The company has said it plans to sell $4 billion in assets this year to offset debt incurred in part from costs associated with staking its position in the Utica.
Bid date for the sale is scheduled for May 16 while the closing date is set for June 14, according to the listing.
Since 2010, Chesapeake has drilled 240 wells in the Utica, which accounts for 75% of all the wells drilled in the play. Most of these wells are located in the "wet" gas area of the Utica.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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