DFW and Barnett Shale About to Be Full of Drill Rigs Thanks to ChesapeakeSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

DFW and Barnett Shale About to Be Full of Drill Rigs Thanks to Chesapeake
 


9 June 2007 at 10:51:28 AM
salon

*We're Going to Drill It All* -Makes you wonder what DFW will look like, smell like, and water taste like at the end of all this.

Chesapeake Energy has drilled about 380 wells in North Texas' prolific Barnett Shale so far, and Chairman Aubrey McClendon says he's just getting started.

McClendon, who was in Irving for the Oklahoma City company's annual meeting Friday, told shareholders and employees that he expects the 18-year-old company to eventually drill 3,500 to 4,000 wells in the formation. The cost at today's prices: about $10 billion.

"If we're successful, it will be about 10 trillion cubic feet" of natural gas reserves produced by that development program, he said. Again using current prices, that would be worth about $80 billion, he said.

Central to that effort is Chesapeake's 18,000-acre lease at Dallas/Fort Worth Airport, where it kicked off drilling May 22. After running seismic testing on the property, he said, the results showed better-than-expected possibilities on the airport's east side, leading the company to boost its drilling program from about 250 wells to about 300.

D/FW, he said, is likely to become "the most valuable single resource in the company's history."

Asked by a shareholder whether the company's net position of 200,000 acres in the Barnett Shale is at risk because Chesapeake won't be able to drill fast enough to fulfill lease terms, McClendon acknowledged that "we bought a lot of leases." But the company expects to be running 38 rigs in the field by the end of summer, he said, and those leases "are assets only as long as we develop those wells. At this point, we have no plan to let any of our Barnett acres go.


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