As part of the deal, Chesapeake will sell approximately 78,000 net acres, of which 40,000 net acres is considered as core acreage by the company.

The sale also includes 250 wells currently producing approximately 30 million cubic feet of gas per day, net to Chesapeake.

The transaction is scheduled to be completed in the 2017 first quarter.

In 2017, Chesapeake will focus on longer laterals and further enhanced completions in the Haynesville development program and it is expected to result in projected adjusted production growth of approximately 13%.

Including the deal, the company has reached approximately $2bn in gross divestiture proceeds either signed or closed to date in 2016.

Additionally, Chesapeake said it is marketing approximately 50,000 net acres located in the northeastern part of its Haynesville Shale operating area.

Chesapeake CEO Doug Lawler said: "We are pleased to announce the first of two proposed Haynesville asset sales for $450m.

“With this proposed transaction and our previously announced Devonian asset divestiture, the company has reached approximately $2bn gross proceeds from divestitures either signed or closed in 2016, excluding certain volumetric production payment repurchase transactions.

The company plans to reduce its debt of $2 to $3bn and accelerate value through the sale of non-core assets in 2017 and beyond.

Lawler added: “Through the continual optimization of our asset base, reduction in our net leverage, improvement in liquidity and cash flow generating capabilities, we believe Chesapeake is well positioned for the years ahead."