Question-and-Answer Session
Operator
(Operator Instructions). All right, our first question comes from Holly Stewart. Your line is open, from Howard Weil.
Holly Stewart - Howard Weil
Hey guys. Good morning. Quick question on the shales, knowing that you can't give many specifics, but it seems like a pretty tough environment to get someone to make capital to a new price. So if you could just give us some color around kind of the process that you're going through and maybe your outlook as far as far as timings?
James McManus, II
Well, Holly, it is a good question. Our thought process here is we would like to have a partner, working on that, we're got the form out arrangement done with Chesapeake. We're going to be pursuing that. We needed to get that taken care of before we talk to potential partners.
It's a tough environment out there, but we're not really going to trying to strike a super hard deal. At this point, we're more interested in getting a partner who can help us develop this play if it wasn't being commercial and who may have some expert to be able to help us from an expertise perspective. So that's about all the color, I can put on it right now.
Holly Stewart - Howard Weil
Okay. And Jim, you're talking pretty quick on the call. You mentioned the drilling of the first two wells might flow into 2010. Did I hear that correctly?
James McManus, II
Well, yeah here's our thought process. Everybody knows, gas prices are pretty low right now. And there are agreement with just Chesapeake. We've got 18 months from April 1st and all we have to do is penetrate the formations in order to have the acreage signed to us. So, the way we look at it, even if we were to find something commercial in these shales, it's probably not something you'd move into full scale development at this commodity price environment anyway.
So if we're not able to -- if we look hard and we can't find a partner, it's not a lot of capital to drill these wells and go ahead and get the acreages signed from Chesapeake. And we're prepared to do it on our own. And even after that Holly, we would then go look for a partner. Now if we find something good, it'll be a more expensive deal than it's going to be right now if we can get somebody to come in. Does that make sense?
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