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.
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