NEW YORK ( TheStreet) -- Initial results are in from drilling in Ohio's Utica shale region, and the results show that the boom assumed for one of the U.S. shale hopefuls is still far from certain.
The state of Ohio tried to put a positive spin on what it's hoping will be a budding economic juggernaut for its drilling industry. Chesapeake Energy (CHK - Get Report), a pioneer in the Utica, has been talking up the shale play for years.
The actual results, though, were described by analysts in a less optimistic tone. There's still a lot of work left to do before Wall Street will be convinced that the Utica will pay off where it counts the most, in its production mix of natural gas liquids and oil.
The state of Ohio release was the first set of annual results from the Utica shale, nine wells in all, all of which are owned by Chesapeake Energy. Chesapeake has a joint venture with Total (TOT) in the Utica shale, announced at the beginning of 2012.Chesapeake Energy is engaged in a significant shift from the dry gas basins to the liquids rich shale plays amid historic lows in natural gas pricing, making success in the shale plays critical. The