Chesapeake touts new oil play
Chesapeake Energy Corp. announced a “significant” new oil discovery in western Oklahoma and the Texas Panhandle.
Buoyed by one very productive well, Chesapeake Energy Corp. has high hopes for its latest discovery in western Oklahoma and the Texas Panhandle.
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The Oklahoma City-based oil and natural gas producer has completed two horizontal wells in the Hogshooter play. Both wells were drilled about 10,000 feet deep with laterals extending close to 5,000 feet.
“We expect this new Hogshooter discovery to provide a significant boost to Chesapeake's focus on harvesting its existing assets for growth and value creation rather than on pursuing new leasehold,” CEO Aubrey McClendon said.
Houston-based Apache Corp. was the first company to report activity in the oil-rich Hogshooter play in 2010. Another Houston company, Linn Energy, is active in the play as well.
McClendon said Chesapeake's first well in the play, the Thurman Horn 406H, yielded more than 7,300 barrels of oil equivalent a day in its first eight days of production. That is nearly four times as much as the company's other Hogshooter well.
“Based on production results to date and our research of industry production records, we believe the Thurman Horn 406H well is one of the best oil wells drilled onshore in the Lower 48 (states) in the past several decades,” he said.
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