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Chesapeake Sells 2nd Haynesville Shale Acreage Position for $465m

Source: www.gulfoilandgas.com 12/20/2016, Location: North America

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Chesapeake Energy Corporation has signed an agreement to sell a portion of the company's acreage and producing properties in its Haynesville Shale operating area in northern Louisiana for approximately $465 million to an affiliate of Covey Park Energy LLC. The sale includes approximately 41,500 net acres and 326 operated and non-operated wells currently producing approximately 50 million cubic feet (mmcf) of gas per day, net to Chesapeake. The company expects this transaction to close in the 2017 first quarter.

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. Upon closing, this strong bid for our second Haynesville package, along with our recent new issue and tender, will position Chesapeake with significant liquidity as we begin a new year.

"Chesapeake delivered on its strategy and achieved our stated financial and operational objectives in 2016. We exceeded our 2016 asset sales goal by approximately $500 million, bringing total gross proceeds from divestitures either signed or closed in the year to approximately $2.5 billion, excluding certain volumetric production payment repurchase transactions. We will continue to pursue opportunities to strengthen our balance sheet in 2017."

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