Newspaper article THE JOURNAL RECORD

Chesapeake Energy Reports Significant Discovery

Newspaper article THE JOURNAL RECORD

Chesapeake Energy Reports Significant Discovery

Article excerpt

OKLAHOMA CITY (JR) -- Chesapeake Energy has successfully logged and is setting a completion liner on its State Lease #15421 in the Morganza Field in St. Landry Parish, La.

Drilled to a total depth of 21,200 feet, the state lease encountered more than 100 feet of log-calculated net pay. Based upon comparisons to similar Morganza Tuscaloosa wells, the state lease's reserves should exceed 25 billion cubic feet of natural gas equivalent. Chesapeake owns a 98 percent working interest and a 79 percent net revenue interest in the well.

The Kaiser #50, Chesapeake's second Tuscaloosa well on a prospect identified by three-dimensional seismic, is nearing total depth of 19,200 feet in the Irene Field in East Baton Rouge Parish, La. The company owns a 98 percent working interest and a 79 percent net revenue interest in the Kaiser 50. The well should be logged by the end of October. Chesapeake's third 3-D Tuscaloosa well, the Brown 22, is located in the Morganza Field in Pointe Coupee Parish, La. about four miles from State Lease #15421. The well was spud last week and should reach total depth of 21,900 feet in 120-150 days. In the Brown 22, Chesapeake owns a 83 percent working interest and a 64 percent net revenue interest with Amoco owning a 15 percent working interest. Among Chesapeake's four primary project areas, the Tuscaloosa 3-D seismic project is the largest and most important, the Oklahoma City- based company said. Earlier this year Amoco announced that by using 3-D seismic, it had achieved a 100 percent success rate with its last 19 Tuscaloosa wells with reserves averaging 25 billion cubic feet equivalent per well. Although Chesapeake's evaluation of its 90,000 acres of proprietary Tuscaloosa 3-D seismic is not yet complete, the company's geoscientists have already identified 35 prospects, eight of which Chesapeake plans to drill in the next 15 months. …

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