Chesapeake Energy Corporation (NYSE:CHK) is a company that focuses on natural gas production and manufacture of petroleum products. The business guru has its headquarters in the city of Oklahoma. It was today the company disclosed that it intends to acquire two new oil fields.
A close outlook
Chesapeake Energy wants to advance its production activities greatly. It expressed its excitement after locating the two fields in western Eagle Ford. It was a short while ago that the company visited the Railroad Commission of Texas.
It sought to file a number of permit applications in line with drilling activities. It moved fast through the exercise and now looks hopes for the best in the near future.
A top executive working with the company reveals important details regarding the company’s most recent undertakings. According to the official, the company intends to drill about eight wells. These oil wells will be horizontal in form.
The business guru has lately been speaking a lot regarding its Gerke and Kersch leases. Chesapeake Energy believes it has quite much to gain from the Eagleville field.
Reports indicate that the 15 drilling projects will consume quite much in terms of resources. Their total depth stands at almost 9,000 feet.
Turn of events
Some of the places that the company is active include Louisiana, Oklahoma, Wyoming, and Pennsylvania. Sources indicate that in the course of this particular year the business guru has managed to file almost 105 drilling permit applications in Texas.
The company has risen through the ranks to become a market leader. As a matter of fact, it is currently the one of the biggest oil providers in the state.
Market observers have noted the way this company’s stock has recently been resilient. In offering an explanation, they pointed out to the steady gas and oil price. They greatly attribute that to the company’s activities and decisions.
These officials admit that it is a major challenge discerning changes immediately they occur. According to them, the company has come across major challenges along the way. However, seems its strategic team has been playing its role amicably.