Chesapeake Energy to sell its Fayetteville asset; form Niobrara JV

摘要

Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) plans to divest its Fayetteville shale assets and certain equity interests in privately held, Cisco, Texas-based Frac Tech Holdings LLC and privately held, Oklahoma City-based Chaparral Energy Inc. for $5 billion. Chesapeake owns 25.8% of Frac Tech and 20% of Chaparral. Separately, Chesapeake announced a JV with CNOOC Ltd. in the Niobrara. Chesapeake's Fayetteville assets include 487,000 net acres in northern Arkansas. Production is approximately 415 million cu. ft. of gas equivalent per day. Proved reserves as of Nov. 3 were 2.5 trillion cu. ft. equivalent.