March 2011, Vol. 238 No. 3

Projects

Chinese Oil Company Buys Into Chesapeake Acreage

Chesapeake Energy Corp. has signed an agreement to sell CNOOC International Limited a 33.3% undivided interest in Chesapeake’s 800,000 net oil and natural gas leasehold acres in the Denver-Julesburg (DJ) and Powder River Basins in northeast Colorado and southeast Wyoming. The consideration for the transaction will be $570 million in cash. CNOOC will fund 66.7% of Chesapeake’s share of drilling and completion costs until an additional $697 million is paid, which Chesapeake expects to occur by year-end 2014. Chesapeake will conduct all leasing, drilling, completion, operations and marketing activities for the project. Chesapeake operates 16 producing wells in the D

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