Newspaper article THE JOURNAL RECORD

Chesapeake Sells Wells, Leases to FourPoint

Newspaper article THE JOURNAL RECORD

Chesapeake Sells Wells, Leases to FourPoint

Article excerpt

OKLAHOMA CITY - Chesapeake Energy Corp. closed a $385 million deal Wednesday on oil and gas wells and land leases in western Oklahoma.

Denver-based FourPoint Energy LLC bought about 473,000 acres in the Granite Wash and Cleveland and Tonkawa Sands petroleum formations.

Analyst Neal Dingmann said Chesapeake got a reasonable price for the assets. The energy research managing director at SunTrust Robinson Humphrey said there are a lot of wells and leases for sale in the Granite Wash, which covers a portion of western Oklahoma and part of the Texas Panhandle.

The sale includes wells that produce about 64 percent natural gas and 36 percent oil, according to a press release FourPoint issued. The company hired more than 90 former Chesapeake employees to work on newly acquired operations.

Wednesday's sale shows Chesapeake has plenty of assets, and selling its Granite Wash wells won't bring down its total production by much, Dingmann said. …

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