Chief Oil & Gas announced yesterday that they’ve purchased 210,000 Marcellus Shale acres from Chesapeake Energy in northeast Pennsylvania. Along with the acreage comes 130,000 million cubic feet per day of natural gas production and 40 wells waiting to be completed and/or connected to a pipeline. This doubles the amount of Marcellus acreage for Chief.
The big question is, does this mean Chesapeake has now completely exited the Marcellus in northeast PA? It may well (we’re not sure). Here’s the statement by Chief about their deal with Chesapeake: