Just as Encino Acquisition Partners closed its deal to assume all of Chesapeake Energy’s Utica shale holdings, it started eyeing growth, according to the Times Reporter.
The deal closed Nov. 5. Encino paid $2 billion for the drilling rights to more than 900,000 acres, 920 operated and non-operated wells and related property and equipment within the Utica Shale. Chesapeake’s field office in Stark County, Ohio, and the 109 employees who work there were included in the deal.
“The Utica is our most important asset,” said Encino Energy President and Chief Executive Hardy Murchison. “It’s by far our largest and it’s our focus for the foreseeable future. We see decades of drilling ahead of us there and we see it as being profitable across a wide range of oil and gas price outlooks. This is our focus.”
Encino plans to drill wells in the Utica Shale for decades to come.