Nov 02, 2009

Chesapeake Energy Corp. Confirms Decision Not to Drill for Natural Gas New York City Watershed

Energy company concedes to public concern

Chesapeake Energy Corp. confirmed it has no intention of drilling natural gas wells within the New York City watershed.

“Chesapeake prides itself on using environmentally-friendly technologies for developing and producing natural gas--a reliable, affordable, American energy source that is critical to our nation’s clean energy future,” said Aubrey K. McClendon, CEO of Chesapeake. “However, it has become increasingly clear to us over the past few months that the concern for drilling in the watershed has become a needless distraction from the larger issues of how we can safely and effectively develop the natural gas reserves that underlie various counties in the southern tier of New York and create high quality green jobs in the southern tier and throughout the state. Our research has shown we are the only leasehold owner in the New York City watershed, and so Chesapeake is uniquely positioned to take this issue off the table and allow the discussion to proceed constructively on natural gas development in the southern tier.”