Arkansas News Bureau Chesapeake’s interests in LITTLE ROCK — The second- about 487,000 acres of largest player in the leasehold and producing Fayetteville Shale play natural gas properties in the announced a $4.75 billion Fayetteville Shale area in sale of its Arkansas assets north-central Arkansas. today. Chesapeake said the Oklahoma-based Chesapeake transaction includes existing Energy Corp. said it had net production of about 415 agreed to sell its Arkansas million cubic feet of natural gas interests to BHP Billiton gas equivalent per day and Petroleum, a wholly owned midstream assets with about subsidiary of BHP Billiton 420 miles of pipeline. Limited of Australia. “The Fayetteville shale is a Chesapeake announced Feb. 7 world-class onshore natural that it was selling the gas resource,” said J. assets in a bid to reduce its Michael Yeager, CEO of BHP debt. Billiton Petroleum. “The “We are pleased to announce purchase of this long-life the sale of our Fayetteville field immediately adds over Shale assets to BHP Billiton 10 trillion cubic feet of gas and quickly achieve resources to our portfolio substantial progress in and is consistent with our implementing the debt strategy of investing in reduction targets, Chesapeake large, low cost assets with CEO Aubrey McClendon said in significant volume growth for a news release Monday. “BHP future development.” Billiton is a premier global Under the deal, the two company and we look forward companies are to work to working with BHP collaboratively for a year, Billiton’s management to while the transaction closes ensure a smooth transition of in the first half of this operations.” year. The deal involves
Tags: announces, assets, billion, Chesapeake, Fayetteville, sale, Shale
