The US-based natural gas producer said it has completed the sale of preferred shares in a new subsidiary, CHK Cleveland Tonkawa (CHK C-T), and a 3.75% royalty interest in the first 1,000 new net wells to be drilled on CHK C-T leasehold for proceeds of $1.25bn.
CHK C-T was purchased by an investment group led by GSO Capital Partners, an affiliate of the Blackstone Group, and included TPG Capital, Magnetar Capital and EIG Global Energy Partners.
CHK C-T owns 245,000 net leasehold acres in the Cleveland and Tonkawa unconventional liquids-rich tight sand plays in Roger Mills and Ellis counties, Oklahoma.
Chesapeake has retained all the common equity interests in CHK C-T.
Chesapeake has also closed the sale of 10-year volumetric production payments to an affiliate of Morgan Stanley for proceeds of about $745m for certain producing assets in its Anadarko Basin Granite Wash play.
Chesapeake has also agreed to sell 58,400 net acres of leasehold in the Texoma Woodford play in Bryan, Carter, Johnston and Marshall counties in Oklahoma to XTO Energy, a subsidiary of Exxon Mobil Corporation for $590m.
