According to the company, the assets included approximately 1.8 million net acres of leasehold, of which StatoilHydro now owns approximately 0.6 million net acres and Chesapeake owns approximately 1.2 million net acres.
Chesapeake has received $1.25 billion in cash from StatoilHydro at closing and will receive a further $2.12 billion from 2009 to 2012 through StatoilHydro funding 75% of Chesapeake’s 67.5% share of drilling and completion expenditures until the $2.12 billion obligation has been funded.
The company said that it plans to continue acquiring leasehold in the Marcellus Shale play and StatoilHydro has the right to a 32.5% participation in any such additional leasehold. Additionally, Chesapeake and StatoilHydro are evaluating opportunities for their international strategic alliance to jointly explore unconventional natural gas opportunities worldwide.
Aubrey McClendon, Chesapeake’s CEO, said: “We are pleased to close our joint venture with StatoilHydro and look forward to creating value for both companies. We are honored to partner with an international oil and gas company and are excited about the opportunities to jointly export our unconventional natural gas technology for further long-term growth.”
