Updated Tue, Mar 11, 2014 11:47 am
By raising another $1.25 billion, former Chesapeake Energy CEO Aubrey McClendon now has nearly $3 billion to drill Utica Shale wells across eastern Ohio via his American Energy Partners firm.
The Wheeling Intelligencer reports that the Oklahoma City-based firm plans to frack at least 1,600 wells over the next decade in Ohio counties such as Belmont, Jefferson, Harrison, Monroe, Guernsey and Noble. Belmont County Recorder's Office documents show McClendon's company now has control of multiple lease agreements.
Many eastern Ohio mineral owners who signed leases with Hess Corp., XTO Energy, Phillips Exploration and Paloma Resources now have contracts with McClendon's new company, which now has more than 260,000 acres leased in the aforementioned counties.
Despite selling acreage to McClendon, Hess officials will retain their liquids-rich properties in the Utica. Hess plans to use $550 million to frack wet Utica wells this year.
Texas based XTO says American Energy Partners will take over 30,000 XTO acres in Belmont, Jefferson and Harrison counties.