Chesapeake Energy Corporation (NYSE:CHK), the largest natural gas developer, is extracting oil and natural gas from 32 wells with 37 more to connect as soon as the pipelines are completed and ready.

Chesapeake Energy

The company presented to energy investors a detailed plan about the three wells that have been drilled recently, including the two wells in Carroll County and one in Harrison County.

The second largest producer of natural gas and the 11th largest producer of oil and natural gas liquids, which has recently lowered its net debt by selling $2.16 billion in midstream assets to Access Midstream Partners, is expected to focus more on its oil extraction efforts  in Ohio’s Utica shale and similar shale formations in other states.

The company is expected to focus more on its efforts to produce NGLs (natural gas liquids) and high-grade crude oils that are easily extracted and easy to refine, to have investors confidence restored in the company.

According to a March 2012 report filed with the Ohio Department of Natural Resources, Chesapeake Energy Corporation (NYSE:CHK) drilled nine shale wells that had produced a total of 46,000 barrels of oils and 2.6 billion cubic feet of gas.

The second largest gas producer has the lease drilling rights to 1.3 million acres in Ohio, having drilled 134 wells already with 65 others in progress. Furthermore, $3.3 billion has been paid by the company to carry out the Ohio plan, part of that amount is a $2.2 billion lease payments to landlords.

So far, the company has given away $1 million as charity fund to charitable groups for Ohio projects.

Chesapeake Energy Corporation (NYSE:CHK) is a trading at what some consider to be a deep discount, after its share price depreciated from negative news surfacing about the company’s management and spiraling debt picture.