As part of the transaction, Total will acquire an undivided 25% interest in about 619,000 net acres in the liquids-rich area of the Utica Shale.
Of the JV acreage, about 542,000 net acres were contributed to the JV by Chesapeake and about 77,000 net acres were contributed by Houston-based EnerVest and its affiliates.
The transaction, which closed on 30 December 2011, resulted in combined value of about $2.32bn, of which about $2.03bn was received by Chesapeake and $290m by EnerVest.
About $610m was paid to Chesapeake in cash at closing and $1.42bn will be paid in the form of a drilling and completion cost carry, which Chesapeake anticipates fully receiving by year-end 2014.
Chesapeake will serve as the operator of the JV and will conduct all leasing, drilling, completing, operating and marketing activities for the project.
Furthermore, Total will also participate with Chesapeake and EnerVest in midstream infrastructure related to production generated from the assets with a 25% interest.
Jefferies & Company has been appointed as the financial advisor to Chesapeake on the transaction.
