Chesapeake Energy Corp. Reports Financial and Operational Results for 2Q 2011 (Ohio Oil Boom?)

Business Wire ^ | 7/28/11

[socialism_stinX]

Having achieved successful results from recent drilling activities in eastern Ohio, Chesapeake is announcing the discovery of a major new liquids-rich play in the Utica Shale. Based on its proprietary geoscientific, petrophysical and engineering research during the past two years and the results of six horizontal and nine vertical wells it has drilled, Chesapeake believes that its industry-leading 1.25 million net leasehold acres in the Utica Shale play could be worth $15 - $20 billion in increased value to the company. Chesapeake’s dataset on the Utica Shale includes approximately 2,000 well logs, full-suite petrophysical data on approximately 200 wells, 3,200 feet of proprietary core samples from nine wells and production results from three wells. As a result of its analysis, the company believes the Utica Shale will be characterized by a western oil phase, a central wet gas phase and an eastern dry gas phase and is likely most analogous, but economically superior to, the Eagle Ford Shale in South Texas.

[socialism_stinX]

This discovery could give a huge boost to Ohio's economy throughout the rest of this decade and on into the next decade. North America is loaded with massive amounts of oil and natural gas. All we have to do to become much more energy independent is: 1) Finish debunking the global warming myth, 2) keep the pressure on congress and tell them to put America first and stop pandering to Saudi Arabian lobbyists, and then 3) set our brilliant oil exploration people free and let them go out and produce our own homegrown energy.

[socialism_stinX]

From this Bloomberg article is a quote from Gov. John Kasich:

http://www.bloomberg.com/news/2011-07-28/chesapeake-s-second-quarter-profit-rises-as-oil-output-climbs.html?cmpid=yhoo

“This is huge news for Ohioans and I’m simply thrilled to hear it,” Ohio Governor John R. Kasich said in a statement.

[freekitty]

Better count all your fingers and your toes when you deal with these guys.

[njslim]

Number 1 should be throwing Zero and his gang of clowns
out ....

[AZLiberty]

Funny, if Obama had offered just a bit of encouragement to onshore exploration, he could have taken credit for the revitalization of the U.S. energy production industry through fracking. As it is, I’m sure he’s trying to figure out how to stop it.

[dennisw]

Chesapeake Energy.....great guys gave a few million to the Swift Boat Vets. So did T Boone Pickens

These guys should be big Rick Perry donors

[Smokin' Joe]

Better count all your fingers and your toes when you deal with these guys.

It is a good idea to do that no matter who you deal with, and no matter what you deal with them over. You'd be surprised at who will try to screw you over.