Chesapeake Utica-Point Pleasant Trend Acreage

Utica/Point Pleasant Trend Acreage
337,481 Net Acres
80% HBP
Avg. NRI ratio 85%

MAIN TARGET:  UTICA SHALE / POINT PLEASANT FORMATION

• Most acreage lies in the wet gas or oil window
• Utica horizontal activity is expanding into these areas
• Thickness 100 to 300 feet (combined Utica/Pt. Pleasant)
• Depth 2,000 to 7,000 feet; dips generally basinward to the east

RATIONALE FOR SELLING

• The Company has altered its plans to develop all of its highly prospective acreage and instead will focus its development on those counties where its land ownership is more concentrated than the land ownership in the counties being offered for sale.

LAND

• 337,481 net acres / 510,847 gross acres
• Limited to the Cincinnati, Utica, Pt. Pleasant and Trenton intervals
• 270,484 net acres HBP by shallower zones (Queenston & Clinton) or held by storage

TWO OPERATED WELLS

• One Utica stratigraphic test; drilled in 2012; set temporary plug
• One Utica exploratory well; drilled in 2012; frac scheduled in July

FIVE NON-OPERATED WELLS

• Drilled between 1995 and 2005
• Vertical completions in naturally-fractured Utica intervals
• Minimal production volumes

NOTE: A Confidentiality Agreement (“CA”) must be executed prior to receiving the data package.