By OGJ editors
HOUSTON, Aug. 2 -- Chesapeake Energy Corp., Oklahoma City, said the company's most important land activities in the quarter ended June 30 took place in the Delaware basin Barnett and Woodford shale gas play in far West Texas.
The company plans to operate as many as four rigs by yearend to further develop its 385,000 net acres of leasehold. It was running two rigs in late July.
Chesapeake said it believes it has become the second largest landholder in the play, where it is producing 1 MMcfd of gas and has booked no reserves.
Expected economics for vertical wells are $4.5 million to develop 3 bcf on 160-acre spacing.
