Chesapeake Energy is diversifying. An article on the BusinessWeek site reports that they started diversifying into oil and natural gas liquids.

An article on the Syracuse.com website reports that Chesapeake Energy wants to store 663 million (??) gallons of hydrofrack water produced in Pennsylvania in a well about a mile from Keuka Lake.

With the number of large companies taking stakes in the United States shale gas plays will a glut of natural gas develop? An article on the Reuters website reports that Aubrey McClendon, CEO of Chesapeake Energy, says he does not see the world swamped with natural gas.

An article at Bnet.com reports that Chesapeake Energy has an aggressive budget for 2009/2010 for exploration and production.

In response to a series of small earthquakes near the Dallas/Fort Worth Airport, Chesapeake Energy has shut in two saltwater disposal wells that injected water into underground rock units. They say that their closing is a “precaution”. Scientists can’t say for sure if the earthquakes have any relationship with gas production or saltwater disposal. More in an article at Star-Telegram.com.

Jim Jubak, financial columnist at MSN Money wrote an article titled… “Has Natural Gas Hit Bottom? Not Yet!“… He believes that there is a huge oversupply and that gas companies are producing at high levels to pay debt and maintain earnings.

In a news release, Chesapeake Energy reports that they are the second largest leaseholder in the Fayetteville Shale gas play with 440,000 net acres. They expect to produce about 300 mmcfe net per day by the end of 2009 operating 18 rigs. Their estimated average yield per well is 2.4 bcfe.

In a news release, Chesapeake Energy says that they are the largest leaseholder in the Marcellus Shale play with 1.45 million acres net. They are the most active driller in the play with 15 rigs and they expect to be the largest natural gas producer from the play by the end of 2009 with 80 mmcfe net per day. And they have increased their average per well yield projection from 3.75 bcfe to 4.2 bcfe.

A teachers’ pension plan in Ontario is suing Chesapeake Energy because Aubrey McClendon receives excessive compensation. This teachers’ group is experienced in shareholder activism. More at Canada.com.

An article on the Reuters website reports that Indigo Minerals, LLC is purchasing over 500 producing natural gas wells and undeveloped acreage in Louisiana, Texas and Arkansas from Chesapeake Energy Corporation for $218 million.

An article in The Daily Review has numerous quotes from Scott Rotruck, VP for Corporate Development at Chesapeake Energy that make Bradford County, Pennsylvania sound like a very promising part of the Marcellus Shale gas play.

An article in the Star Telegram reports that Chesapeake Energy posted a loss of $866 million for the fourth quarter of 2008 and that they might be looking for a large company to partner with them in the Barnett Shale gas play.

Chesapeake Energy has been named to Fortune Magazine’s list of the 100 best companies to work for in the United States. More in an article at Oil Voice.

In late 2008, Statoilhydro, a oil and gas company of Norway purchased a large share in Chesapeake Energy’s Marcellus Shale holdings. An article in PressConnects explains that this purchase is part of Statoilhydro’s long-term plan.

An article in the Washington BizJournals explains how natural gas companies such as Chesapeake Energy, Range Resources and St. Mary Land & Exploration are making deep cuts in their lease acquisition budgets for 2009.