Drilling Down
Chesapeake Files Proxy in Response to CEO Loan Flap
Monday, April 23, 2012YOUNGSTOWN, Ohio – Chesapeake Energy Corp. filed a preliminary proxy statement late Friday with the U.S. Securities and Loan Commission, disclosing its CEO’s involvement in a program that allows him to “participate and invest as a working interest owner in new wells drilled by the company.”
The disclosure of the company's Founders Well Participation Program followed a highly critical investigative report by the Reuters news service, which revealed CEO Aubrey McClendon has borrowed $1.1 billion “against his 2.5% interest in wells received as part of his compensation.”
Colombian Delegation Visits to Learn about Shale Plays
Monday, April 23, 2012YOUNGSTOWN, Ohio -- A delegation of Colombian scientists and environmental regulators visited the Mahoning Valley Friday as part of a 10-day visit to the United States to learn more oil and gas exploration of shale plays across the country.
The trip was prompted by the possibility of a shale play beneath Colombia.
“I wouldn’t call it a play yet because it hasn’t been drilled, hasn’t been tested yet, but the right rocks are in the right places,” said Camilo Montes Rodriguez, a professor of geosciences at Los Andes University in Bogota.
Columbiana County Judge Rules for Landowners
Friday, April 20, 2012LISBON, Ohio – A Columbiana County Common Pleas Court has denied a company's request for an order that would enable it to begin seismic testing on privately held land, declaring that it is attempting to "force its way" onto that property.
Judge Ashley C. Pike rejected Friday TGS-NOPEC Geophysical Co.'s motion for a preliminary injunction that would allow it to begin testing for potential oil and gas reserves on the land because the owner of the gas leases, in this case, Chesapeake Exploration LLC, is not a party in the complaint.
Second Energy Giant Reports Utica Production Numbers
Friday, April 20, 2012YOUNGSTOWN, Ohio -- Anadarko Petroleum Corp., based in Houston, reported to the Ohio Department of Natural Resources Thursday that it has drilled and is producing from three wells in the Utica shale play in Eastern Ohio, the most recent of which has delivered more than 9,500 barrels of light-gravity crude oil during its first 20 days on line.