New Eastern Ohio Utica Shale oil play...next Bakken ?- Who benefits?

Chesapeake finally announced what the market has been speculating for a few months. The Utica Shale play in Middle/Eastern Ohio may be better than the Eagleford Shale play in Texas. Audrey is estimating that acreage will eventually be valued at $10,000-$15,000/acre. Here is a summary of what Chesapeake has done to date: (note - there may be one Canadian junior exposed to this play)

see drill permitting in the ohio counties here

The Utica shale sits deeper than the Marcellus shale that has been getting attention in the past year or so in the region. According to Chesapeake's presentation for shareholders, the Utica features an area of dry gas along the Ohio River through Columbiana and Jefferson counties, a more profitable wet gas area running in a strip from roughly Trumbull to Meigs counties, as far west as parts of Harrison and Carroll counties, then continuing west into central Ohio, from Lake Erie to the state's southern tip with oil producing potential.

McClendon said he could not disclose findings yet, for competitive reasons, but there have been nine vertical wells drilled in the region, with six horizontal wells. The wells are spread across several counties, and their output increases confidence in the findings the company stated about the Utica shale.

Chesapeake has analyzed more than a half mile of core borings and examined more than 2,000 well logs in making its determination of the potential of the Utica find. The company also factored in its experience in other unconventional energy fields.

McClendon said the only public company competing so far in the play is Enervest of Houston, whom he described as a highly regarded firm that is a joint holder on some Utica acreage.

So the question is....are there any Canadian juniors that will benefit? I own shares in a company whose sole focus is Ohio and is currently drilling a light oil horizontal play in northern Ohio. Their market cap is in the $10 million range and they have an extremely tight share structure. Volume has picked up the last month both on anticipation of drill results and the potential for their Utica acreage. I have a call into management for more information and they will be part of my "Under the Rocks" report for early August.