The transaction included approximately 487,000 net acres of leasehold, current net production of about 415 million cubic feet of natural gas equivalent per day and midstream assets consisting of about 420 miles of pipeline.
As part of the transaction, Chesapeake will provide technical and business services for up to one year for BHP Billiton’s Fayetteville properties for an agreed-upon fee.
Chesapeake CEO Aubrey McClendon said this transaction allows Chesapeake to achieve substantial progress in implementing the debt reduction targets of its previously announced 25/25 Plan.
"We look forward to replacing the Fayetteville production through substantial growth from our other world-class natural gas plays and also from our rapidly growing higher margin liquids-rich plays in the years ahead," McClendon said.
