Chesapeake Sells 882K Acres & 5,600 Conventional Wells in WV, KY

for-sale.jpgChesapeake Energy, which continues to be strapped financially, embarked on a mission to lighten the debt load years ago–first under co-founder Aubrey McClendon, and then more aggressively under his successor, Doug “the ax” Lawler. Many pieces of the company have been sold off: the Oilfield Services division, all of its Haynesville Shale assets, all of its Barnett Shale assets…we could go on. Chessy loves to do land deals. In December 2014 Chesapeake sold off 413,000 Marcellus acres mostly in West Virginia (see Southwestern Paid Chesapeake $12K/Acre for Land Signed @ $5/Acre). Once again Chesapeake is selling off assets in Appalachia. This time they have cut a deal to sell a mammoth 882,000 acres along with 5,600 operating gas wells in West Virginia and Kentucky. However, the land and wells are in the “shallow” Devonian layer. That is, they are conventional (not shale) wells and acreage. Who’s the buyer and how much is Chesapeake receiving?…

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