Energy & Exploration Partners previously had accumulated about 18,000 acres in the Eaglebine. The company struck a deal with subsidiaries of Halcon Resources Corp. to help develop the acreage. Constellation Energy Commodities Group Inc. also bought a stake in the Eaglebine acreage.
Halcon has drilled three wells in the area, with production from the first one expected to begin by the end of the month.
Those partners will have an opportunity to buy a 65 percent working interest in acreage that is part of their areas of mutual interest.
The Chesapeake acquisition will give Energy & Exploration Partners more than 70,000 net acres in the play.
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Chesapeake Energy Corp. has announced two asset sales this year as it tries to raise money to cover its projected capital costs. The company brought in about $2.6 billion from a series of deals announced in April for acreage and future production in Oklahoma and Texas. Chesapeake sold its stake in its former pipeline subsidiary for $2 billion in July. Future transactions with the newly named Access Midstream Partners could yield more money for the cash-strapped company.