Chesapeake Energy Sells Barnett Shale Assets

Chesapeake Energy has sold its producing assets in the Barnett Shale to an affiliate of Barclays Bank for $41.15bn.

The assets include a five-year volumetric production payment (VPP) of 390 billion cubic feet of proven reserves and 280 million cubic feet per day of net production in 2011.

Chesapeake retained drilling rights on the properties below producing intervals and outside of existing producing wellbores.

Since December 2007 Chesapeake has completed eight VPP transactions and monetised about one trillion cubic feet of natural gas equivalent of proved reserves for combined proceeds of approximately $4.7bn.