Chesapeake Moving Forward in Utica Shale Despite Financial Setbacks

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Chesapeake Energy reported first quarter losses of $71 million on Tuesday, just the latest dose of bad news to go along with all of the issues created by CEO Aubrey McClendon's questionable financial dealings.

Despite these difficulties, Chesapeake isn't backing off of their involvement in the Utica Shale.  This comes from the Canton Repository:

DRILLING PLANNED
Chesapeake has 10 rigs drilling in Ohio and expects to have 13 rigs in the state before the year ends and 22 by the end of 2013.
Through the week of April 22, the Ohio Department of Natural Resources reported it has issued 147 permits so Chesapeake could drill horizontal wells into the Utica shale. Statewide, 207 permits have been issued.
Chesapeake has established its Ohio headquarters in Stark County, and has 300 employees in Ohio. It is leasing offices in two Canton buildings, as well as an office in Green. The company recently purchased 30 acres for a facility near St. Clairsville in Belmont
County.

This coincides with what we've heard from an anonymous source who does work for Chesapeake, who stated that their plan is to punch a new hole in the Utica Shale arena every 21 days from now through the end of the year to keep all lease agreements intact and facilitate future development in the area.

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