Chesapeake Energy To Sell Second Haynesville Shale Acreage For $465 Mln

(RTTNews) - Chesapeake Energy Corp. (CHK) Tuesday announced that it has signed an agreement to sell a portion its acreage and producing properties for approximately $465 million to an affiliate of Covey Park Energy LLC. The company expects this transaction to close in the 2017 first quarter.

The properties are in its Haynesville Shale operating area in northern Louisiana. The sale includes approximately 41,500 net acres and 326 operated and non-operated wells currently producing approximately 50 million cubic feet of gas per day, net to Chesapeake.

Doug Lawler, Chesapeake's Chief Executive Officer, commented, "We are pleased with the results of our non-core Haynesville sales packages, totaling projected gross proceeds of $915 million, while divesting of only approximately 80 mmcf of daily gas production and approximately $50 million of estimated 2017 operating income."