Ederville/Canuck Unit
February 6, 2012
Chesapeake has advised that the Ederville #1H had first sales the end of December. No date yet as to when title will be completed and checks sent out.
The Canuck Unit continues to have unleased mineral owners protesting the well. Until this has been cleared up, the drilling of the Canuck well is on the back burner.
Chesapeake Energy to slash drilling operations in Barnett Shale
Star Telegram Business
Posted Monday, Jan. 23, 2012
Chesapeake Energy, the No. 2 producer in the Barnett Shale, plans to slash its drilling activity in North Texas in half because of the lowest natural gas prices in a decade.
Oklahoma City-based Chesapeake said today that it expects to pare back its drilling operations to six rigs each in the Barnett Shale and the Haynesville Shale of northwest Louisiana and East Texas during the second quarter. Chesapeake recently has been operating about 12 rigs in the Barnett, with most of the drilling in Tarrant County, the leading gas-producer among Texas' 254 counties. The company also said it plans to "immediately curtail" about a half-billion cubic feet of gas production per day, which represents about 8 percent of its current gross operated production of 6.3 billion cubic feet per day.
Gas futures contracts on the New York Mercantile Exchange rallied as much as 9.9 percent after the announcement, according to Bloomberg News, after falling as low as $2.23 per million British thermal units. The cutbacks will be in so-called "dry gas" fields such as the Barnett that are most severely impacted by the lowest natural gas prices in a decade caused by a nationwide glut of gas.
Published in the Star Telegram - Jack Smith, writer.
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