Chesapeake Energy Corp. has sold 162,000 acres in Pennsylvania's Marcellus Shale to Houston-based Southwestern Energy Co. for $93 million, the companies said Monday.
The sale includes production of about 2 million cubic feet of natural gas per day.
The announcement follows less than a month after Chesapeake Interim CEO Steve Dixon said the company expects to soon announce several smaller asset sales.
“We were particularly pleased with the market's response to multiple small asset packages that we have offered,” Dixon said during an April 1 conference call with industry analysts. “These packages represent very good opportunities for development exploratory drilling that Chesapeake will not be in a position to exploit in the near term, yet will provide great value to our asset buyers. While many of these assets may not be individually noteworthy to investors, in aggregate the combined value that we anticipate collecting this year will likely be very meaningful and lead to further progress in improving our balance sheet.”
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