OKC-Based Chesapeake Energy Initiates DFW Airport Drilling Project

Chesapeake Energy Corp. on Tuesday began a natural gas exploration and production project at Dallas/Fort Worth International Airport.

Chesapeake expects the project to be the largest natural gas exploration effort at a major U.S. airport and the single largest natural gas lease in the Barnett Shale formation.

In 2006, Chesapeake paid Dallas/Fort Worth International Airport $186 million in initial bonus and will continue to pay a 25-percent revenue-sharing royalty on all natural gas produced from the airport lease.

DFW has allocated $40 million of the bonus for renovations of the airport’s four original terminals.

A group of minority investors hold a 20-percent working interest in the wells.

(c) 2007 Journal Record – Oklahoma City. Provided by ProQuest Information and Learning. All rights Reserved.