Chesapeake Energy growing Barnett shale production

By OGJ editors
HOUSTON, Jan. 9 -- Chesapeake Energy Corp. expects to complete, on average, a Barnett shale well about every 15 hr through at least 2010. The Oklahoma City company currently is using 38-40 operated rigs.

Aubrey McClendon, Cheasapeake's chief executive officer, said the company plans to continue acquiring leaseholds in Tarrant, Johnson, and western Dallas counties in Texas. Additional acreage is being acquired by Chesapeake's own landmen and lease brokers as well as through land services agreements with leasing teams of four smaller companies.

The 2007 gross production exit rate from the Barnett share was 600 MMcfd of gas equivalent (400 MMcfd net) compared with a 2006 gross production exit rate of 250 MMcfd.

"We now will focus on achieving our 2008 gross production exit rate target of 900-1,000 MMcfd," McClendon said.

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