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Another company, Encana Energy, had drilled a surprisingly prolific natural gas well, and McClendon saw a possible hot new shale gas play.
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Rees-Jones, a former bankruptcy attorney, made his first fortune moving early to snap up acreage in the Barnett Shale gas play in Texas.
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Chesapeake is believed to be the largest acreage holder (more than 1 million acres) in the Marcellus shale gas play, which stretches under much of Pennsylvania, New York and West Virginia.
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So it seems very likely that shale gas will play an increasingly important role in the years to come.
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Chesapeake Energy boasts the largest inventory of natural gas shale play leaseholds in the country (2.5 million net acres) and is the second largest producer of natural gas in the U.S. after ExxonMobil.
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Chesapeake Energy boasts the largest inventory of natural gas shale play leaseholds in the country (2.5 million net acres), and it is also the second largest producer of natural gas in the U.S., after Exxon Mobil.
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In 2009, the Barnett shale play was the most prolific play, accounting for almost 62 percent of the total shale gas production, says KPMG Consulting.
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But the US is in no rush and shale gas has given them the best hand to play.
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Regardless, FCG would still be the preferred way to play shale asset sales by nat gas producers and the moves by those firms to increase their oil exposure.
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