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Aubrey McClendon leases drilling rigs from Chesapeake Energy

Former Chesapeake CEO and founder Aubrey McClendon’s new company, American Energy Partners LP, is leasing seven drilling rigs from Oklahoma City-based Chesapeake Energy Corp., according to a regulatory filing.
By Jay F. Marks, Business Writer Modified: April 18, 2014 at 8:12 pm •  Published: April 19, 2014

Chesapeake Energy Corp. is back in business with its former CEO, the company revealed in its annual proxy statement.

Chesapeake is leasing seven drilling rigs to Aubrey McClendon’s American Energy Partners LP, according to Thursday’s filing.

American Energy has offered little detail about its operations as it built up a leading acreage position in Ohio’s Utica Shale over the past year. The Oklahoma City-based company reached its first agreement with Chesapeake for land drilling services on Oct. 16, signing a six-month contract for a single rig at $23,500 a day, the report states.

Two weeks later, the companies entered into separate two-year drilling contracts for six more rigs. American Energy will pay $26,000 a day for each rig when they are operating. Chesapeake said the transactions came after a request for proposal process. Terms are based on prevailing market rates for drilling services in the area.

McClendon’s company declined to comment on the arrangement.

Chesapeake also detailed other dealings with McClendon in its proxy statement.

McClendon has opted to continue investing in every Chesapeake well through June 30, as allowed under the Founder Well Participation Program. He is paying for a 2.5 percent stake in each well.

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