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Utica Shale $3.4B Deal In Works In Ohio By Largest Lease Holder

About a mile below eastern Ohio lies the Utica shale, a rich black layer of rock that is exciting oil and gas companies

Technological advances have made it possible to get at oil and gas in the Utica shale through the controversial process of horizontal drilling and hydraulic fracturing, also known as "fracking." Critics argue "fracking" endangers drinking water, but energy companies disagree and are leasing eastern Ohioans' mineral rights as fast as possible.

Oklahoma City-based Chesapeake Energy has the mineral rights to about 1.25 million acres in the Utica and has been publicly shopping for an investment partner to help drill Ohio's shale for months.

Chesapeake has made a name for itself on Wall Street - both good and bad - for getting innovative financing deals done. By mid-December, it hopes to close a joint venture with an as-yet unnamed international energy company. Chesapeake has also agreed to sell shares in a new entity called Chesapeake Utica LLC, a wholly-owned subsidiary.