Chesapeake Energy Corp (CHK): Avalon Shale update

By Andrea: http://oilshalegas.com

Chesapeake Energy Corp. (CHK) has drilled 8 wells to date in the Avalon shale on their 120,000 net acres across Texas and New Mexico. They predict that each well in the Avalon shale can produce 350 MBOE with an unrisked resource of 200 MMBOE. Chesapeake anticipates operating an average of roughly six rigs in the Permian Basin unconventional liquid plays by the end of 2010 and plans to drill approximately 50 net wells.

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