Goal

Westmont Resources Inc. said Thursday it has purchased 3,400 total leasehold acres and 120 existing oil wells in the Marcellus Shale, part of the company’s goal to produce more than 3,500 bbl of oil per month by the end of 2011.

Anticipating more unevenness in its electricity mix in meeting California’s 33% renewable goal by 2020, Sempra Energy’s San Diego Gas and Electric Co. (SDG&E) filed Monday for state regulatory approval of three new power purchase contracts covering up to nearly 450 MW collectively from separate natural gas-fired peaking projects.

Chesapeake Energy Corp. has reached its debt reduction goal, built an internal oilfield services unit to counter cost inflation and grew first quarter production 20% as it increasingly emphasized higher-value oil and natural gas liquids (NGL), CEO Aubrey McClendon enthused during an earnings conference call last Tuesday. But Wall Street was not impressed.

Shale patch heavyweight Chesapeake Energy Corp. has reached its debt reduction goal, built an internal oilfield services unit to counter cost inflation and grew first quarter production 20% as it increasingly emphasized higher-value oil and natural gas liquids (NGL), CEO Aubrey McClendon enthused during an earnings conference call Tuesday. But Wall Street was not impressed.

Chesapeake Energy Corp. has reached its debt reduction goal, built an internal oilfield services unit to counter cost inflation and grew first quarter production 20% as it increasingly emphasized higher-value oil and natural gas liquids (NGL), CEO Aubrey McClendon enthused during an earnings conference call Tuesday. But Wall Street was not impressed.

Chesapeake Energy Corp. said Friday it would pay $315 million to buy land driller Bronco Drilling Co. Inc. to advance its goal to own two-thirds of the rigs it operates in its unconventional drilling program.

Consol Energy announced Wednesday that its plans to drill 70 wells in the Marcellus Shale play by the end of the year were slightly ahead of schedule, thanks to the 13 horizontal wells it drilled during 1Q2011.

Although it missed its long-sought 20% renewable portfolio standard (RPS) goal last year, California is on track to hit it this year if projections by the investor-owned utilities (IOU) turn out to be correct and by 2013 if other forecasts turn out to be more accurate. This was the essence of a quarterly report released last Monday by the California Public Utilities Commission (CPUC).

Chesapeake Energy Corp. expects to reach a 2014 goal to convert its entire corporate fleet of 4,200 vehicles to compressed natural gas (CNG), officials said Tuesday.