Landowners unite! MAIN
The latest from Chesapeake....and a bit about Clean Skies -
Now a brief news announcement on what’s been happening lately at Chesapeake:
Chesapeake Announces Completion of Arkoma Basin Woodford Shale Transaction
- August 12, 2008 8:07 AM EDT
OKLAHOMA CITY-
Chesapeake Energy Corporation (NYSE: CHK) today announced that it has closed the sale of its Arkoma Basin Woodford Shale assets to BP America Inc. (NYSE: BP) for approximately $1.7 billion in cash.
Aubrey K. McClendon, Chesapeake’s Chief Executive Officer, commented, “We are pleased to announce the completion of the sale of our Arkoma Woodford properties to BP. This transaction was an important aspect of our ongoing asset monetization program and enables Chesapeake to redeploy capital to our Haynesville, Barnett and Marcellus Shale plays and further improves the company’s capital structure.
“We now turn our focus to negotiating joint venture arrangements in the Fayetteville and Marcellus Shale plays. We anticipate selling 25% of our interest in those two plays using a “PXP-style” transaction in which we receive partial consideration in cash at closing and then receive a tax-efficient carry of development costs over time as wells are drilled. There is strong industry interest in both plays and also in our preferred deal structure. Accordingly, we hope to announce transaction details by the end of the third quarter.”
Chesapeake Energy Corporation is the largest producer of natural gas in the U.S. Headquartered in Oklahoma City, the company’s operations are focused on exploratory and developmental drilling and corporate and property acquisitions in the Fort Worth Barnett Shale, Fayetteville Shale, Haynesville Shale, Mid-Continent, Appalachian Basin, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast and Ark-La-Tex regions of the United States. Further information is available at www.chk.com.
Have you guys been watching TV at all? Seems like everyone is jumping up and taking notice of the large push for the move to alternative energy. From T. Boone Pickens to Aubrey’s visit to the Hill, business and legislative leadership is taking stock of where the US stands on the energy front. Want more info? Check out Clean Skies, here.
Interesting stuff. For those of you who are coming to tomorrow night's Thursday Citizens Information Meeting in Vivian - we'll see you guys tomorrow.
HSLA
Chesapeake Announces Completion of Arkoma Basin Woodford Shale Transaction
- August 12, 2008 8:07 AM EDT
OKLAHOMA CITY-
Chesapeake Energy Corporation (NYSE: CHK) today announced that it has closed the sale of its Arkoma Basin Woodford Shale assets to BP America Inc. (NYSE: BP) for approximately $1.7 billion in cash.
Aubrey K. McClendon, Chesapeake’s Chief Executive Officer, commented, “We are pleased to announce the completion of the sale of our Arkoma Woodford properties to BP. This transaction was an important aspect of our ongoing asset monetization program and enables Chesapeake to redeploy capital to our Haynesville, Barnett and Marcellus Shale plays and further improves the company’s capital structure.
“We now turn our focus to negotiating joint venture arrangements in the Fayetteville and Marcellus Shale plays. We anticipate selling 25% of our interest in those two plays using a “PXP-style” transaction in which we receive partial consideration in cash at closing and then receive a tax-efficient carry of development costs over time as wells are drilled. There is strong industry interest in both plays and also in our preferred deal structure. Accordingly, we hope to announce transaction details by the end of the third quarter.”
Chesapeake Energy Corporation is the largest producer of natural gas in the U.S. Headquartered in Oklahoma City, the company’s operations are focused on exploratory and developmental drilling and corporate and property acquisitions in the Fort Worth Barnett Shale, Fayetteville Shale, Haynesville Shale, Mid-Continent, Appalachian Basin, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast and Ark-La-Tex regions of the United States. Further information is available at www.chk.com.
Have you guys been watching TV at all? Seems like everyone is jumping up and taking notice of the large push for the move to alternative energy. From T. Boone Pickens to Aubrey’s visit to the Hill, business and legislative leadership is taking stock of where the US stands on the energy front. Want more info? Check out Clean Skies, here.
Interesting stuff. For those of you who are coming to tomorrow night's Thursday Citizens Information Meeting in Vivian - we'll see you guys tomorrow.
HSLA
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