Chesapeake Discloses Initial Drilling Results in the Utica Shale
Chesapeake reported today that they have "achieved key production milestones" in Utica Shale. Aubrey McClendon stated that "We are pleased to announce very strong initial drilling results from wet gas and dry gas phases". The Utica Shale play appears to be poised for a long and profitable run, particularly in the wet gas area of the play given the ability of oil prices to be sustained at a relatively high (profitable) level, despite the downturn in the economy. More to come, surely.