Chesapeake has "significant" Anadarko Basin find
(Reuters) - Chesapeake Energy Corp (CHK.N: Quote) said it has found "significant" oil and natural gas reserves in parts of the Anadarko Basin in the Texas Panhandle and western Oklahoma.
The Oklahoma City, Oklahoma, company said an exploratory well in the Hogshooter find of the Texas Panhandle and western Oklahoma produced 7,350 barrels of oil equivalent per day during the first eight days of stabilized production.
Other wells drilled in the area also had good results, Chesapeake said.
Decade-low natural gas prices have prompted companies like Chesapeake to direct capital to drilling in shale reserves for crude oil and higher-priced natural gas that has a high liquids content.
The company, which is facing a funding shortfall of about $10 billion this year, plans to drill about 65 wells in the Anadarko Basin. The drilling is already factored into its capital spending plans.
Shares of Chesapeake fell 57 cents, or 3.3 percent, to $16.33. The decline was in line with losses in the energy sector and the broader market.
(Reporting By Ernest Scheyder in New York and Anna Driver in Houston; Editing by Gerald E. McCormick; and Jeffrey Benkoe)
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