For the past five years, Chespeake Energy has been snapping up leases for oil and gas drilling on Ohio properties, sometimes as little as an acre at a time. In all, it accumulated more than a million acres to gain access to the Utica shale that lies under much of the eastern part of the state.

But it also accumulated a $13 billion debt. And many times, oil and gas leases require that the drilling actually begins within five years, and that would mean even more spending – and borrowing – by Chespeake.

All of this is happening while natural gas prices have hit at an all-time low.

And though many expect the Utica shale to be richer in oil than gas, even oil prices have come down as expectations for economic recovery have cooled.

Investors worried about Chesapeake’s mounting debt, plunging stock have and an SEC investigation into Chairman Aubrey Mcclendon, are remaking Chesapeake’s board. But the problems are expected to be a big topic at Friday’s annual shareholders’ meeting.

Still, analysts expect the Ohio leases will sell because, even with somewhat lower price, there’s lots of interest in the 1 billion to more than 5 billion barrels of oil that Ohio says is in the Utica shale.

Property owners who signed the leases generally would have no say in their sale.