Chesapeake selling Utica shale land

4/9/2013

Chesapeake selling Utica shale land
 

BY BEN LEFEBVRE

OKLAHOMA CITY -- Chesapeake Energy is putting up for sale more than 94,000 net acres in the Utica shale formation in Ohio, according to real-estate listings made public Tuesday.

The parcel would be nearly 10% of the one million net acres Chesapeake owns in the Utica shale formation, a stretch of rock spread between Ohio and Pennsylvania that Chesapeake has said could become a major source of oil and natural gas.

The land for sale includes three wells, two of which Chesapeake operates, according to the company's listing with Meagher Energy. Chesapeake as seeking to sell the land to focus on its other Utica holdings, company spokesman Michael Kehs said.

"That acreage can be more valuable to someone else than to us regarding where we're putting our rigs," Mr. Kehs said.

Chesapeake, the second-largest U.S. natural-gas producer after ExxonMobil, has said it would sell at least $4 billion in assets this year to bring its balance sheet back into order after years of acquisitions and capital-intensive projects.
 
Dow Jones Newswires

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