The second quarter financials for Chesapeake Energy (CHK:NYSE) confirmed that the company believes that the Ohio Utica Shale, which is liquids rich, will be viable economically.

Nine vertical and six horizontal wells drilled in the shale showed successful results, according to the Oil & Gas Financial Journal.

The news source reports that Chesapeake believes that its "industry-leading 1.25 million net leasehold acres in the Utica Shale play could be worth $15 – $20 billion in increased value to the company." Baird Equity Research analysts said that such result in an implied acreage valuation of between $12,500 and $16,667 for each acre.

Chesapeake said that it believes that the Utica Shale "will be characterized by a western oil phase, a central wet gas phase and an eastern dry gas phase and is likely most analogous, but economically superior to, the Eagle Ford Shale in South Texas."

The Associated Press reports that Chesapeake's financials showed earnings of 76 cents per share. Prompting Robert Morris of Citi Investment Research to raise its price target from $35 to $38.