Source: Chesapeake Energy Corporation Presentation Chesapeake Energy Corporation (NYSE:CHK) has only really developed the Mississippi Lime portion of its 1.1 million net acre Mid-Continent position, leaving room for vast amounts of exploration upside on its other land holdings. By the fourth quarter of this year, Chesapeake Energy intends to start testing out the Meramec shale oil play. First, Chesapeake Energy is monitoring the results of its peers who have already begun developing the Meramec horizon so it can figure out the best locations, drilling techniques, and well completion designs to use to develop its own 74,000 net acre position in the Meramec. The Woodford shale has already been heavily developed and is considered a tried-and-true play. Most likely, Chesapeake Energy would co-develop both the Woodford and Meramec intervals. For reference, the Woodford shale is commonly referred to a part of the STACK play. Below is a look at Chesapeake Energy's acreage position in the Meramec. Source: Chesapeake Energy Corporation Presentation Cimarex Energy turn seven wells online in the Meramec play last quarter, with the average 30-day IP rate of those wells coming in at ~1,700 BOE/d with an average lateral length of 5,000 feet. Extended lateral well developments [9,000-foot laterals and longer] will become more common as the industry progresses. Here is a look at some other recent wells [since March] that have come online in the region. Source: Marathon Oil Corporation Presentation Chesapeake Energy has a lot of potential drilling locations yet to be discovered that it can add to its already large and impressive drilling portfolio, which should boost the value of its assets/operations. To read more about Chesapeake Energy, click here. Disclosure: Callum Turcan, the author, owns shares of Chesapeake Energy Corporation. Always do your own due diligence before investing.