Chesapeake Energy (CHK) disclosed an operational update on its activity in Ohio where the company has a large development program targeting the Utica Shale. The company is operating 12 rigs here and estimates that it will have 16 rigs by the end of 2012 on its 1.3 million net acres.
Chesapeake Energy has drilled a total of 87 wells to date into the Utica Shale and has 28 wells waiting on completion or on pipeline. The company signed a joint venture with Total (NYSE:TOT) to help with development here and has $1.35 billion left on the original drilling carry. Chesapeake Energy expects the remainder of the funds to be used by the end of 2014.