While our 401(k)'s are in a world of hurt, so are the gas developers.
Chesapeake's stock has fallen to below $20 from its high in July of almost $70. Furthermore, Chesapeake has announced that they're cutting back production:
http://us.mg1.mail.yahoo.com/dc/launch?.rand=d7t1ejcf741ul
And to add insult to injury, last week the Ft. Worth City Council voted (for the FIRST time!) to reject Chesapeake's request for a high-impact drilling permit, which would have placed a well within 225 feet of residences: http://us.mg1.mail.yahoo.com/dc/launch?.rand=d7t1ejcf741ul
Finally, today Chesapeake announced that its "Shale TV" production has been halted. (Remember the publicity when Tracy Rowlett was hired???)
Stay vigilant.
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3 comments:
Don't forget about the withdraw of the permit app for the TCU location as well. The university felt the gas company was throwing them "under the bus" with the community. Rightly so, the university decided to keep ties with the community rather than the gas companies.
http://www.wfaa.com/video/index.html?nvid=293434
The link you posted was a very good link but it would be nice if you at least gave a little info before posting so we know what it is about. If the gas companies can't afford to pay the high sign on bonuses, I wonder if they can afford to finish drilling and clean up their mess when they are through drilling. I would be very worried if I had drilling near my house right now. Just another reason for me to never sign. Another news station mentioned that most are looking at another type shale in the Eastern US that is much bigger and better then the Barnett Shale. I'll be the first to say good bye!
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