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

*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.

     Views: 585 
Latest Blog Post by salon -Video- Somervell County Commissioners Court Special Sessions (2) Dec 23 2019

 You! Leave a Comment! You Know you Want To!
You must be a registered member to comment on the blog.
Your first post is held pending approval to make sure you're not a spammer bot

 Not registered? Or you can login!

LOGON - Name:Password:

New poster comments are moderated, meaning they won't show up until approved... or not.  Be patient-we have lives outside this blog, so it might take awhile You want to be rude? totally stupid? inappropriate? Racist? Bigoted? Flame war baiter? Your post may be deleted. Spammers or people posting pretend interest comments but really wanting to hawk their latest book or sell stuff or govt propaganda flacks won't see their posts published. Comments do not necessarily reflect the viewpoint of the site owner(salon).
If you have a problem with logging in or registering, please speak up right away. Love your comments. Oh, except spammers
More on commenting


Click Here for Main Page

Today Is  
Tuesday, January 21, 2020

Latest Posts

Paul Harper offered to settle State of Texas ex rel. Best v Harper lawsuit for $68k back in 2016
pharper 12/29/2019 Views 558

Video- Somervell County Commissioners Court Special Sessions (2) Dec 23 2019

salon 12/23/2019 Views 585

Top 100 Posts on Somervell County Salon for 2019

salon 12/22/2019 Views 399

Plans for Somervell County Salon Blog for 2020
salon 12/22/2019 Views 308

Imagine you were called up for jury duty and some people said they'd already made up their mind
salon 12/22/2019 Views 322

National Review on Removing Trump from Office (12/2019)
salon 12/22/2019 Views 315

More Blog Headlines



salon > Quick update on this, via Pacer-Click on pic to see larger (Turk Case Update- Telephone Conference Hearing Set for March 8 2019 )

salon > Lance Been awhile. Send me an email at salon@glenrose.net with the names of who you're talking about, above. Also, the newspaper editor is no longer local, ie officed here, but the paper is run.... (What Happened to Jerry Jacene? )

LanceHall > I'd love to see the Hotel Guest books and see if Jacene's name shows up long before he officially *found* the tracks.  I'd like to know if the Visitor's Bureau has emails wit.... (What Happened to Jerry Jacene? )

LanceHall > I see the land or that part of it is now in the hands of Glen Rose's own Corky Underwood. Is Jacene still involved?   I had already informed the Visitor Bureau manager (who's.... (What Happened to Jerry Jacene? )

Home | Blog Home | About | News | Piazza | Calendar | Audio/Video/Open Rec | Search
Write!  |profile | quotes |
top Daily | top Weekly |top Month | top Year | Top All! | archives | subscribe RSS