Chesapeake Energy Corp. to drill first downtown Fort Worth natural gas well
Dallas Business Journal
Natural gas producer Chesapeake Energy Corp. is expected to be the first company to drill a well in downtown Fort Worth to access minerals in the Barnett Shale. The Barnett Shale is a gas-rich geological formation that stretches across several North Texas counties, including Tarrant County.
The Oklahoma City-based company will use its Trinidad Rig to drill a well on the south edge of the downtown area, behind the old Fort-Worth Star Telegram warehouse on Lancaster.
Once the process begins, Chesapeake (NYSE: CHK) will be drilling in a easterly direction, away from the downtown area, the company said.
A spokeswoman for Chesapeake (NYSE: CHK) says the site used in Friday’s drilling has the potential to house other wells that can later be used to develop minerals underneath Fort Worth's City Hall, the Fort Worth Convention Center, the Fort Worth Club, portions of Sundance Square and other parts of downtown.
About eight key individual and institutional mineral owners will benefit from royalty payments tied to production at the new well.
Chesapeake has four other downtown sites for future drilling. Those sites include the Ron Site, located behind the Ashton Depot; the Dakota site, northwest of downtown near Dakota Street; the Henderson Bazaar site, at Jacksboro Highway and Henderson Street; and the Fourth Street site, located east of Interstate 35 and south of 4th Street.
A spokesperson for the company says the drilling —though in the downtown area — will not negatively impact transportation or businesses. She adds that the strategy being used is quiet and nondisruptive.
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