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Chesapeake sells Pennsylvania assets

Chesapeake Energy Corp. will get about $500 million from the sale of assets in Pennsylvania.
BY JAY F. MARKS Published: December 19, 2013

Chesapeake Energy Corp. is selling assets in Pennsylvania's Marcellus Shale for about $500 million.

Chesapeake on Wednesday declined to comment on the deal, which was announced a day earlier by Chief Oil and Gas.

Chief and its partners acquired MKR Holdings LLC from Chesapeake subsidiary Chesapeake Appalachia LLC.

The deal includes current monthly production of about 130,000 cubic feet of natural gas a day, with about 40 wells awaiting completion or pipeline connections.

Dallas-based Chief had a working interest in many of those wells. The company is trying to increase its ownership stake in its Marcellus acreage, where it owns about 210,000 gross leasehold acres.