Chesapeake Puts Utica Acreage Up for Sale

Chesapeake Energy is offering for sale more than 94,000 net acres of Utica/Point Pleasant shale acreage in Portage and Stark counties, Ohio, according to real-estate filings.

Two operated and one non-operated wells are included in the acreage, which is located in the 40 to 50 gravity oil window, according to a report from Meagher Energy Advisors I. The Point Pleasant play is approximately 125 feet to 150 feet thick with 3 to 6 percent porosity.

Fifty-three percent of the leasehold is held by production for a total of  49,977 net acres. Depths include 300 feet below the top of the Queenston formation to the top of the Black River formation.

Earlier this year, the company formed a $1.02 billion joint venture with China's Sinopec Group for Chesapeake's Mississippi Lime play. 

To date, Chesapeake has announced $1.5 billion in asset sales in 2013, and has been selling off assets to reduce its debt. The company also is still searching for a new chief executive following the departure of founder and former Chief Executive Aubrey McClendon.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com

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