Sept 27 Chesapeake Energy Corp (CHK.N), the No.
2 U.S. producer of natural gas, has amassed 320,000 acres in
the oil-rich Bakken formation in North Dakota, analysts at
Bernstein Research said in a note to clients on Tuesday.
"Given Chesapeake's track record of acquiring large
positions in resource plays and attracting (joint venture)
interest and capital, their activities merit attention," Bob
Brackett, an analyst at Bernstein, wrote.
A spokesman for Chesapeake did not immediately respond to
an email seeking a comment, but a map on the company's website
indicates Chesapeake has operations in North Dakota.
U.S. oil and gas producers, encouraged by high oil prices,
have flocked to the vast Bakken formation in Montana and North
Dakota because it contains billions of barrels of crude oil
locked tightly in rock.
Chesapeake, based in Oklahoma City, is known for its
ability to buy oil or gas-rich shale acreage at low prices with
the aim of finding deep-pocketed partners to help fund
exploration and production.
Shares of Chesapeake rose 77 cents, or nearly 3 percent, to
$28.32 in morning New York Stock Exchange trading.
(Reporting by Anna Driver in Houston; editing by John