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Filing outlines details of Aubrey McClendon's separation agreement with Chesapeake Energy

Aubrey McClendon has left Chesapeake Energy Corp., but he's keeping access to a private jet and will face fewer hurdles in his return to the oil and natural gas business, according to a separation agreement filed Friday.
BY ADAM WILMOTH, JAY F. MARKS AND PAUL MONIES Modified: April 19, 2013 at 9:04 pm •  Published: April 19, 2013

Chesapeake sold more than $11 billion in assets in 2012 and has said it plans to sell another $4 billion to $7 billion this year as it transitions to what it calls asset harvest instead of asset acquisition.

The filing also detailed which former Chesapeake employees are eligible to work for McClendon at his new companies.

McClendon has agreed not to hire employees away from Chesapeake through Jan. 29, 2014.

McClendon can, however, hire former Chesapeake employees who were assigned to him, have been fired or have accepted early retirement.

McClendon has created American Energy Partners LP, Arcadia Capital and McClendon Energy, which are on the sixth floor of the Harvey Parkway office building at 301 NW 63, about a half-mile east of Chesapeake's headquarters.

Earlier this week, McClendon sent an email to multiple people in the oil and natural gas business, stating that he is chairman and CEO of American Energy Partners and that the company is working to buy leases and producing properties.

“In particular, I will be looking for deals with a lot of drilling left on them and will also consider undeveloped acreage deals — plus, I am not scared of natural gas,” McClendon wrote in the email.

Chesapeake shares slipped 37 cents, or 2 percent, to $18.59 before the announcement Friday.


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