Chesapeake Seeks New Wells in Columbiana County
YOUNGSTOWN, Ohio – Chesapeake Energy Corp., fresh off its announcement last week that it would sell all of its assets in eastern Ohio’s Utica shale for $2 billion, has applied for permits that would add two new horizontal wells in Columbiana County, according to Ohio Department of Natural Resources records.
Chesapeake subsidiary Chesapeake Exploration LLC filed applications for two permits on July 31 to drill horizontal wells in Washington Township, according to ODNR.
The wells will target the Point Pleasant formation, a segment of what is collectively termed the Utica. The new well pad is slated for the Sevek farm.
Last week, the Oklahoma City energy company announced it had reached a deal with Houston-based Encino Acquisition Partners to sell its leasehold position in the Utica, estimated at about 900,000 acres. The deal also includes 920 operating and non-operating wells that collectively produced an average of 107,000 barrels of oil equivalent per day in 2017.
More than 50 of those wells are located in Columbiana County, according to ODNR records.
The transaction is expected to close in the fourth quarter.
Also last week, Houston-based Hilcorp Energy Co. filed applications to drill three new horizontal wells in Fairfield Township in Columbiana County.
All applications must be approved by ODNR before a permit is awarded.
Copyright 2020 The Business Journal, Youngstown, Ohio.
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