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Gold/Mining/Energy : Shale Natural Gas, Oil and NGLs and ESA -- Ignore unavailable to you. Want to Upgrade?

To: jrhana who wrote (569)	5/29/2009 3:23:19 PM
From: jrhana	Read Replies (1) \| Respond to of 6160

Chesapeake predicts largest U.S. gas sources tulsaworld.com A Chesapeake Energy Corp. floorman works on a natural gas rig in the Barnett Shale bedrock deposit near Kennendale, Texas. Matt Nager/Bloomberg News By JIM POLSON Bloomberg News Published: 5/29/2009 2:25 AM Last Modified: 5/29/2009 4:40 AM The Haynesville Shale formation will become the country's largest source of natural gas production by 2014 or 2015, Chesapeake Energy Corp. CEO Aubrey McClendon said Thursday. The formation in East Texas and northwestern Louisiana will, in turn, be eclipsed by the Marcellus Shale in West Virginia, Pennsylvania and New York by 2020, McClendon said at an investor conference in Miami, Fla., sponsored by Deutsche Bank AG and broadcast on the Internet. Chesapeake is the second- largest U.S. independent gas producer behind Devon Energy Corp. Both companies are based in Oklahoma City. The Barnett Shale in north-central Texas is the largest non-conventional source of gas in the nation, Chesapeake said in its first-quarter earnings statement May 4. It yielded about 1.4 trillion cubic feet of gas last year, 5.3 percent of U.S. production of the heating and power-plant fuel, according to the Perryman Group, a financial-analysis firm based in Waco, Texas. Haynesville Shale gas production may peak at 4 billion cubic feet a day in 2014, or about 1.46 trillion cubic feet a year, consulting firm Wood Mackenzie said in a July 2008 report. The Marcellus Shale may contain as much as 50 trillion cubic feet of recoverable gas, equivalent to more than two years of U.S. consumption, Terry Engelder, a geosciences professor at Pennsylvania State University, estimated last year. McClendon said Chesapeake holds leases on about 1.3 million acres in the Marcellus shale, 470,000 acres in the Haynesville Shale, 310,000 acres in the Barnett Shale and 440,000 acres in the Fayetteville Shale in Arkansas. Shares of Chesapeake rose $1.45, or 7 percent, to $22.28 on the New York Stock Exchange as gas futures soared on the New York Mercantile Exchange. The shares have gained 38 percent his year after a drop of 59 percent in 2008. Independent oil and gas producers are those without refineries or chemical plants. By JIM POLSON Bloomberg News