Replies to post #31654 on *** ALL THINGS MONEY >>>> ATM ***

[Tappy]

That is very smart!!!!

[tickettoride]

da
your in this one i think



Chesapeake Oil Well Is Biggest Gusher in Company History

By Joe Carroll - Jun 1, 2012 11:34 AM ET



Q

..
Chesapeake Energy Corp. (CHK) said it drilled the largest oil gusher in the company’s 23-year history at a “significant” discovery in the Anadarko Basin of Texas and Oklahoma.

The Thurman Horn 406H well in the Hogshooter formation produced 5,400 barrels of crude a day during its first eight days of operation, Chesapeake said in a statement today. The output was more than twice that of some of the best performing wells in the Eagle Ford shale of south Texas, which Chesapeake counts as its most valuable holding, said Michael Kelly, an analyst at Global Hunter Securities LLC in Housto

Drilling operations for Chesapeake Energy Corp. Photographer: Daniel Acker/Bloomberg
.
“It’s pretty massive,” Kelly said in a telephone interview. “In the Eagle Ford or the Bakken shale, you’d be ecstatic if you got initial production anywhere close to 2,000 barrels a day, so this is really remarkable.”

The discovery will accelerate the second-largest U.S. natural gas supplier’s shift to more profitable crude production, Chief Executive Officer Aubrey McClendon said in today’s statement. Chesapeake shares have dropped 28 percent this year as gas prices hit a 10-year low and after probes began of McClendon’s personal finances. Gas comprises more than 80 percent of the company’s output.

Chesapeake is seeking to sell $20.5 billion in assets by the end of 2013 to fill a cash-flow shortfall. The Hogshooter wells aren’t among the assets for sale, Jim Gipson, a spokesman for Oklahoma City-based Chesapeake, said in a separate e-mailed statement today.

The stock fell 4.6 percent to $16.12 at 11:10 a.m. in New York as gas futures headed for a second weekly decline.