Chesapeake Energy Eyes the Utica Shale
Chesapeake Energy CEO Aubrey McClendon on Monday commented on a new, oil-rich discovery in the Utica shale of eastern Ohio, which is just west of the Marcellus shale in western Pennsylvania.
The Utica could be a "transformative" find for the country, McClendon said. He expects that up to 25,000 wells could be drilled in the Utica over the next several decades, which is a $200 billion investment. It could produce 25 billion barrels of oil equivalent in the form of oil, natural gas liquids and natural gas in what he described as possibly "one of our biggest discoveries in U.S. history."
Cramer has long been bullish on Chesapeake , but the Utica find only has him more excited about the company. To hear more about the Utica find, watch Cramer's complete interview with McClendon
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