POST Online Media Lite Edition



 

Chesapeake Energy to sell part of Louisiana acreage for $450 million

Staff Writer |
Chesapeake Energy will sell a portion of the company's acreage Louisiana for approximately $450 million to a private company.

Article continues below






Included in the sale are approximately 78,000 net acres, 40,000 net acres of which the company considered as core acreage. The sale also includes 250 wells currently producing approximately 30 million cubic feet of gas per day, net to Chesapeake.

The company expects this transaction to close in the 2017 first quarter.

In addition, Chesapeake is marketing approximately 50,000 net acres located in the northeastern part of its Haynesville Shale operating area, which the company also expects to close in the 2017 first quarter.

Following both of these planned divestitures, Chesapeake will retain approximately 250,000 net acres in the core of the Haynesville Shale.

he company's 2017 development program in the Haynesville will be focused on longer laterals and further enhanced completions, resulting in projected adjusted production growth of approximately 13% from its Haynesville operations in 2017.


What to read next

Chesapeake Energy lost half its value, bankruptcy 'won't happen'
Chesapeake Energy sells midstream assets
Chesapeake Energy cuts 15% of workforce, one-time charges $55.5 million