Aubrey McClendon has a new company: American Energy Utica with Ohio intentions, according to business news cable television channel CNBC.
The company has $1.8 billion in equity and debt financing and expects to close three deals covering 80,000 acres in the Utica shale in eastern Ohio, CNBC reported.
It said the company could have as many as a dozen drilling rigs working in Ohio in the next two to three years.
McClendon is the former CEO of Chesapeake Energy Corp., the No. 1 player in Ohio’s Utica shale and the No. 2 gas producer in the United States. McClendon was ousted from his Chesapeake job last spring. In August, he started up Oklahoma-based American Energy Partners and two other private companies.
The Dover-New Philadelphia Times Reporter on Tuesday said a local company, Red Hill Development, was forming a new joint venture with McClendon to drill horizontal Utica shale wells in Harrison and Guernsey counties.
Terms of the agreement were not released.
The first horizontal well is planned in Harrison County. Work on the first well sites could begin later this month.
No state permits have been requested.
Red Hill Development, run by the Kimble family, has more than 600 vertical-only wells in four counties in east-central Ohio.
The Kimbles also operate a landfill west of Dover and run a trash hauling business. They also operate recycling facilities in Northeast Ohio.