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Stock Market & Financial Investment News

News Breaks
February 25, 2013
07:40 EDTSNP, CHKChesapeake announces $1.02B Mississippi Lime joint venture
Chesapeake Energy Corporation (CHK) and Sinopec International Petroleum Exploration and Production Corporation (SNP) announced the execution of an agreement which provides for Sinopec to purchase a 50% undivided interest in 850,000 of Chesapeakeís net oil and natural gas leasehold acres in the Mississippi Lime play in northern Oklahoma. The total consideration for the transaction will be $1.02B in cash, of which approximately 93% will be received upon closing. Payment of the remaining proceeds will be subject to certain customary title contingencies. Production from these assets, net to Chesapeakeís interest and prior to Sinopecís purchase, averaged approximately 34 thousand barrels of oil equivalent per day in the 2012 fourth quarter and, as of December 31, 2012, there was approximately 140 million barrels of oil equivalent of net proved reserves associated with the assets. All future exploration and development costs in the joint venture will be shared proportionately between the parties with no drilling carries involved. As the operator of the project, Chesapeake will conduct all leasing, drilling, completion, operations and marketing activities for the joint venture. The transaction is anticipated to be completed in the 2013 second quarter.
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