Companies & Finance

Chesapeake to raise $2.6 billion from monetisation deals

Chesapeake is raising $2.6 billion from three monetisation deals.
By Staff reporter 13 April 2012 0 9058

Chesapeake is raising $2.6 billion from three monetisation deals.

The company sold preferred shares in a new subsidiary with 991 square km in the Cleveland and Tonkawa liquids-rich tight sands, and a 3.75% overriding royalty interest in the first 1,000 net wells drilled in the plays, to a Blackstone-led investment group for $1.25 billion.

Chesapeake has also sold ExxonMobil 236 square km in the Texoma Woodford play for $590 million, with closing expected on 30 April. The company also sold a 10-year volumetric production payment for producing...