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News Breaks | | | | February 25, 2013 | | 07:40 EDT |  | CHK, SNP | Chesapeake 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 Chesapeake’s 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 Chesapeake’s interest and prior to Sinopec’s 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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News For CHK;SNP From The Last 14 Days Check below for free stories on CHK;SNP the last two weeks. |
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| June 19, 2013 | | 07:58 EDT |  | CHK | Al Petrie Investor & Media Relations to hold a conference
 Subscribe for More Information | | | June 17, 2013 | | 16:02 EDT | | CHK | Chesapeake names Chief Compliance Officer
Subscribe for More Information | | | June 14, 2013 | | 12:12 EDT | | CHK | Chesapeake says shareholders reject board declassification proposal
Subscribe for More Information | | | June 10, 2013 | | 05:57 EDT |  | CHK | McClendon wants large slice of his new energy company, WSJ reports
Former Chesapeake Energy CEO Aubrey McClendon is pitching Wall Street on his new energy company, American Energy Partners LP, and he wants to raise between $2B and $3B of "initial equity capital" for the exploration-and-production company. But this time It isn't clear he will get what he wants, reports the Wall Street Journal. Reference Link | | | June 5, 2013 | | 14:26 EDT | | SNP | Gabon to take back oil assets from Sinopec unit, others, FT reports
Gabon' oil minister Etienne Ngoubou told the Financial Times the government plans to reclaim assets from three international oil companies, including a subsidiary of China’s Sinopec. Reference Link | |
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