Chesapeake Energy said Thursday that its Barnett Shale production has reached a record 685 million cubic feet of natural gas a day and that it expects moderate annual increases in output through 2011. Oklahoma City-based Chesapeake, which has a large regional office in Fort Worth and employs about 850 people in North Texas, said it expects to operate an average of about 18 drilling rigs in the Barnett in 2010 and drill about 300 net wells.
Chesapeake, which was operating 17 rigs in the Barnett on Thursday, said in a statement that its area production will reach the equivalent of 700 million cubic feet a day by year’s end, 725 million by year-end 2010 and 760 million by year-end 2011. Chesapeake said that if it “is successful in finding a joint venture partner for some or all” of its extensive Barnett Shale lease holdings of 305,000 net acres, it “plans to significantly increase Barnett drilling activity and production in 2010 and beyond.”
-- Jack Z. Smith
For a full report, see today's Star-Telegram.