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Environment


Chesapeake mum on land sale
Sale for 340,000 acres in eastern Ohio ends Friday
by WKSU's SIMON HUSTED

Reporter
Simon Husted
 
In The Region:
No one is saying yet who is buying the drilling rights to nearly 340,000 acres of eastern Ohio.

Chesapeake Energy put a quarter of its holdings in Ohio up for sale this spring, and the bid deadline was last Friday. Chesapeake Energy has not yet announced how much the property is sold for, and who’s buying it.

Mark Hanson is an energy analyst at Morningstar investment research and says the parties may still be negotiating a price. Hanson estimates the value of the leases is between 1.5 to 2 billion dollars. But he notes that few oil and gas wells have been drilled in the region yet, and that may depress the price.
Chesapeake mum on land sale

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“I would expect things to be forthcoming here shortly,” Hanson says. “And again, my guess is based on the company’s track record, based on their motivation and also on the apparent attractiveness on the acreage that a deal will get done. The price is the real wildcard.”

Chesapeake says it has nothing to report at this time about the sales.

The properties are scattered across 19 eastern Ohio counties, including in Summit, Portage, Lorain and Trumbull counties.
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