Chesapeake Energy has initiated production of approximately 30 million cubic feet of natural gas equivalent from the first 11 wells on its 18,000-acre Dallas/Fort Worth International Airport lease.
Acquired approximately one year ago for $185 million, the airport lease represents a significant value creation opportunity for Chesapeake, its partners and Dallas/Fort Worth (DFW) International Airport.
Based on the results of the company’s 3D seismic analysis, and the drilling, completion and production results to date, the company plans to drill approximately 300-325 wells on the airport lease.
Jeffrey Fegan, CEO of DFW International Airport, said: The ultimate benefactor will be our passengers, who will see enhanced facilities and amenities as we use natural gas revenues to upgrade DFW and assure we remain one of the finest airports in the world.
Chesapeake hopes to reach a peak production level from the airport lease of approximately 250 million cubic feet of natural gas equivalent per day by the end of 2011 and expects production to continue for at least the next 50 years.