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Chesapeake Energy announces deals worth $3.4B

BusinessWeek - Nov 4, 2011

Chesapeake Energy Corp. announced plans for two transactions that could eventually bring in as much as $3.4 billion from leasing some of its land in Ohio's Utica Shale.

The energy producer said on Thursday that it has signed a letter of intent with an "international major energy company," that it didn't name, for a joint venture. The venture will give the partner a 25 percent interest in about 650,000 acres of natural gas land in the Utica Shale.

The company's CEO, Aubrey McClendon, had said in July that the Utica field "should be worth $15 billion to $20 billion for Chesapeake shareholders."

Chesapeake is the country's second-largest producer of natural gas. U.S. natural gas supplies have grown dramatically in recent years as drillers, such as Chesapeake, have learned to tap huge fields of natural gas trapped in shale formations deep under several states.

Read Full Article from BusinessWeek

- Posted: 2011-11-04 12:18:45


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