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Chesapeake Energy Corporation
CHK today announced it completed
its previously announced Mississippi Lime joint venture with Sinopec
International Petroleum Exploration and Production Corporation (Sinopec)
on June 28, 2013. The company sold a 50% undivided interest in
approximately 850,000 acres in northern Oklahoma for total consideration
of $1.02 billion in cash, of which approximately 93% was received upon
closing. Payment of the remaining proceeds is subject to customary
post-closing contingencies.
Net to Sinopec's interest, assets associated with the joint venture
produced approximately 9,600 barrels of liquids and 54 million cubic
feet of natural gas per day during the 2013 first quarter. All future
exploration and development costs in the joint venture will be shared
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