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EV Energy Partners LP Message Board

  • moneyonomics moneyonomics Apr 1, 2013 9:01 AM Flag

    CHK operational cc ongoing-Utica ??

    Chesapeake Energy Corporation Operational Update Conference Call
    Scheduled to start Mon, Apr 1, 2013, 8:30 am Eastern

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    • artist_formerly_known_as_pooch artist_formerly_known_as_pooch Apr 1, 2013 10:06 AM Flag

      Now turning to specific plays, I would first like to highlight several positive developments underway in our Utica Shale play in eastern Ohio and western Pennsylvania. As many of you know, Chesapeake discovered the play in 2010 and completed an important joint venture with Total in 2010. We are the largest leaseholder with approximately 1 million net acres in the play. To date we have drilled more than 240 wells in the Utica, representing approximately 75% of the wells drilled in the entire play thus far.

      As a result of infrastructure constraints, we currently have turned to sales just 54 wells, but we anticipate a substantial ramp up in completions as we progress through the year. We are only producing 75 million cubic feet equivalent (mmcfe) per day from the play, net to Chesapeake, due to processing constraints, but we believe this well set is capable of producing approximately double this level if unconstrained. We are targeting net production of more than 330 mmcfe per day, or 55,000 barrel of oil equivalent (boe), from the play by the end of the year. Achieving this level will be dependent on the timely startup of critical processing infrastructure at multiple facilities in the months ahead.

      As an example of the outstanding recent well results we are achieving in this play, we recently completed a six well program on our Scott Unit in Carroll County, Ohio. We drilled six wells from a common PAD with average 24-hour restricted test rates of 1,250 boe per day, which included 310 barrels of oil, 200 barrels of NGL, with ethane not recovered, and 4.4 mmcf of natural gas per day, at flowing tubing pressures exceeding 3000 psi. Well costs for this group averaged approximately $6.5 MM, indicating just some of the potential cost savings we expect to realize as our operations mature and we focus on development in the future.

      I would also note that we have recently submitted 2012 annual production data and other information on our wells drilled i

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