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Chesapeake looking to sell Oklahoma assets

Chesapeake Energy Corp. is trying to sell about 80,000 net acres in Oklahoma as it continues raising money to offset its pending budget shortfall.
BY JAY F. MARKS jmarks@opubco.com Modified: August 31, 2012 at 6:05 pm •  Published: September 1, 2012
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Chesapeake has announced deals worth about $4.7 billion, including the sale of its former midstream subsidiary, with additional assets still on the market.

The biggest pieces are Chesapeake's holdings in west Texas' Permian Basin and a joint venture in the oil-rich Mississippian play in northern Oklahoma and southern Kansas.

Houston-based EnerVest will buy a small part of Chesapeake's 1.5 million acres in the Permian, but no further deals have been announced.

Chesapeake also has listed acreage in Ohio, Michigan, Colorado and Wyoming with Meagher.

Chesapeake expects to raise as much as $14 billion this year from asset sales, plus another $4 billion to $5 billion in 2013.

“Our planned asset sales for the year are designed to help us afford to increase our liquids production, tighten the focus on our core assets, while also reducing our long-term debt by 25 percent from year-end 2010,” CEO Aubrey McClendon said Aug. 7 in the company's second-quarter earnings call.