US Chesapeake to sell shale assets to EXCO Resources for $1bn

03 July 2013 14:12  [Source: ICIS news]

HOUSTON (ICIS)--Chesapeake Energy has agreed a $1bn (€770m) deal to sell shale oil and gas assets in Texas and Louisiana to EXCO Resources, the US-based energy firm said on Wednesday.

Under the deal, EXCO will acquire 55,000 net acres in the Northern Eagle Ford Shale, Texas, and 9,600 net acres in Haynesville Shale, Louisiana.

The Northern Eagle Ford Shale assets to be sold by Chesapeake had an average net production of about 6,100 bbl/day of oil equivalent in May, while the Haynesville Shale assets had an average net production of about 114m cb ft/day of natural gas equivalent in May.

The transactions, which are subject to certain closing conditions, are expected to close in the 2013 third quarter.

($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

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