7/29/2011

Chesapeake Energy said it plans to operate more rigs in the Utica Shale formation in Ohio, where the company has leased 1.25 million acres. The play is "likely most analogous, but economically superior to, the Eagle Ford Shale in South Texas," Chesapeake said in a statement. The company is also directing about half of its 2011 exploration budget to oil and petroleum liquids.

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