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Chesapeake selling acreage in Ohio

Chesapeake Energy Corp. has put a portion of its holdings in Ohio's Utica Shale on the market.
Oklahoman Modified: June 5, 2012 at 9:28 am •  Published: June 4, 2012
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A small portion of Chesapeake Energy Corp.'s holdings in Ohio's Utica Shale has been added to its list of assets for sale.

Chesapeake is selling about 330,000 net acres in eastern Ohio, according to a prospectus with Meagher Energy Advisors. The firm also is offering Chesapeake assets in east Texas and Colorado and Wyoming.

Chesapeake is trying to raise as much as $11.5 billion this year from asset sales and other financial transactions because of a funding shortfall.

Officials have said the company will focus on key areas where it is among the top two leaseholders.

Chesapeake holds about 1.3 million acres in the Utica Shale.

“This is part of our previously announced plans,” spokesman Jim Gipson said. “We will focus our development on those counties in Ohio where our land ownership is more concentrated than the land ownership in the counties being offered for sale.”