Chesapeake Energy and BP America Announce Fayetteville Shale Joint Venture

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boblehue

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Chesapeake Energy and BP America Announce Fayetteville Shale Joint Venture

posted on Sep 02, 2008 02:34AM

The big guys have itchy fingers now!! QEC might be the next big news storry!

It's flying here in Oslo today!! :-D

Chesapeake Energy Corporation and BP America today announced the execution of a Letter of Intent for a joint venture whereby BP will acquire a 25% interest in Chesapeake's Fayetteville Shale assets in Arkansas for $1.9 billion. The assets have current daily net production of approximately 180 million cubic feet of natural gas equivalent and include approximately 540,000 net acres of leasehold which the companies believe could support the drilling of up to 6,700 future horizontal wells. As a result of the transaction, BP will own approximately 135,000 net acres of this leasehold and Chesapeake will own approximately 405,000 net acres.

http://www.oilvoice.com/n/Chesapeake...

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