Chesapeake (CHK) Drills Biggest Well Ever

Chesapeake Energy Corporation (NYSE:CHK) drilled the most productive well in the company's history last week. The ailing oil and gas exploration company found the well in the Texas Panhandle, the most northerly and rectangular shaped area of the state that borders with New Mexico and Oklahoma.

The new well produced 5,400 barrels of crude oil each day in its first eight days of operation. At the same time the well produced 4.6 million cubic meters of natural gas and 1,200 barrels of natural gas liquids. A spokesman for Chesapeake told Business Week that the well was the best in the history of the company.

The well,...