The company said that the Fayetteville Shale, located in North-central Arkansas, is currently the second most productive shale play in the US.
Fox Petroleum president William Lieberman said that Chesapeake Energy just announced that due to plans to reduce its debt it intends to unload $5bn worth of its Fayetteville Shale assets in the upcoming year and the company feels that the opportunities in natural gas could not be better.
Chesapeake Energy owns 487,000 net acres in the Fayetteville Shale (located in Arkansas), which produces net 415 thousand cubic feet per day (mmcf/d) and has net proved reserves of 2.26 trillion cubic feet equivalents (tcfe) and risked non-proven reserves of 7.1tcfe.
Fox intends a comprehensive review of current producing wells, and is looking to acquire distressed mineral rights which where owners have debt or leverage issues.
