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Natural Gas Stocks; Chesapeake Energy (NYSE:CHK) Gains on New Discovery in Anadarko Basin

Category: Investment, Energy

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News about Chesapeake Energy

New York, NY- June 4, 2012 (Investorideas.com Newswire) - Investorideas.com, a leader in sector stock research for independent investors issues a trading alert for natural gas stock, Chesapeake Energy Corporation (NYSE :CHK), trading at $16.39, gaining $ 0.81 or (5.20%) as of 1:14PM EDT on over 22 Million shares in an otherwise down trading day.

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On Friday the Company reported a new discovery in the Hogshooter play in the Anadarko Basin of the Texas Panhandle and western Oklahoma. Chesapeake owns approximately 30,000 net acres in the play, which are more than 90% held by production (HBP) from its legacy deeper Granite Wash production.

Chesapeake has completed two horizontal wells in the Hogshooter formation to date. The Thurman Horn 406H well was drilled to a vertical depth of approximately 10,000 feet with a lateral section of approximately 4,900 feet. This successful exploratory well was drilled more than five miles from established Hogshooter production, but in a section of land where three wells had already been drilled to other formations. During its first eight days of stabilized production, the well averaged daily production of 5,400 barrels (bbls) of oil, 1,200 bbls of natural gas liquids (NGL) and 4.6 million cubic feet of natural gas (mmcf), or approximately 7,350 bbls of oil equivalent (boe) per day. Total cumulative production, which includes five days of flowback testing, is 68,400 boe. Current daily production is approximately 7,000 boe.

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Published at Investorideas.com energy newswire

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