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Article: Chesapeake increases investment.(Energy & Utilities)
- Article from:
- Arkansas Business
- Article date:
- July 30, 2007
- Author:
CopyrightCOPYRIGHT 2007 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AFTER MORE THAN THREE YEARS FEELING out the Fayetteville Shale Play in north-central Arkansas, Chesapeake Energy Corp. has turned the corner and is developing a long-term strategy for success in tapping into the abundant natural gas reserves there.
Chesapeake, of Oklahoma City, is increasing its investment in the play with additional infrastructure and key local hires and plans to spend nearly $500 million there in 2007. The energy company is the play's second-largest explorer--but largest lease-holder, with more than 1.1 million acres.
"We've been a little slower to ramp up our presence in Arkansas until our geology and science had a chance to give the ...