This HUGE Discovery May Help Chesapeake’s Bottom Line

Chesapeake Energy Corp. (NYSE:CHK) may have hit the jackpot with the discovery of the biggest oil gusher in the company’s history, according to reports from Bloomberg LP.

Don’t Miss: BP Stops This LUCRATIVE Joint Venture.

The oil wells, located in the Anadarko Basin of Texas and Oklahoma, have produced 5,400¬†barrels¬†of oil in the first 8 days, more than twice the production of some of the company’s best performing wells in the Eagle Ford shale in southern Texas.

According to the company’s Chief Executive Officer Aubrey McClendon, the new wells, Hogshooter, will put the company on the fast track when it comes to the shift to crude oil. The company plans to drill about 65 wells in the Anadarko Basin, according to reports from Reuters.

Shares of Chesapeake have been down as much as 28 percent this year thanks to investigations into McClendon’s personal finances and a 10-year low in gas prices. The company is looking to raise $20.5 billion by the end of 2013 through asset sales.

Don’t Miss: Gold and Silver Start June With a BANG.