Chesapeake eyes monster gas find
Chesapeake Energy said a natural gas discovery in Louisiana may hold as much
as 20 trillion cubic feet equivalent of potential reserves.
Chesapeake boss Aubrey McClendon told investors on a conference call that the
Haynesville Shale discovery in Louisiana and several others the company
announced after the close yesterday were "likely the most important
operational announcement" in the company's history, Reuters said.
McClendon pegged Chesapeake's potential reserves at the Haynesville Shale in a
range of 7.5 Tcfe to 20 Tcfe.
The company has leased or has commitments for 200,000 acres in the Haynesville
formation, and plans to lease another 500,000, McClendon said.
"Time will tell, but my belief this morning is that the Haynesville Shale has
a chance of being the most significant play in the company's history," the
executive said.
Yesterday, the Oklahoma City company said it was raising its capital spending
and production forecasts for 2008 and 2009 on several new natural gas and
oil discoveries.
The five oil projects are located in four states and may hold reserves up to 1
billion barrels, the company said on the conference call.
25 March 2008 14:01 GMT
| last updated:
26 March 2008 00:42 GMT
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