The Barnett Shale is a large natural gas reservoir encompassing more than 5,000 square miles and covering at least 17 counties in North Texas. Many believe the Barnett Shale is the largest producing onshore natural gas field in the United States. The USGS estimates the Barnett Shale contains 26 trillion cubic feet of natural gas reserves. In recent years, advances in drilling and completion technology have made it possible for energy companies to extract large amounts of natural gas from shale.
Chief Oil & Gas was one of the early producers in the Barnett Shale drilling its first well in 1997. In 2005, Chief became the second largest producer of natural gas from the Barnett, drilling close to 400 wells before selling the majority of its leasehold and its production to Devon Energy and midstream assets to Crosstex Energy. Today, Chief has a leasehold interest in more than 30,000 acres, primarily in the core area and is the 10th largest producer in the field.
A recent study by economist Ray Perryman, estimated the Barnett Shale is contributing $5 billion annually and 55,000 permanent jobs to North Texas.
