Chesapeake Energy completes joint venture
Chesapeake Energy completes Mississippi Lime joint venture with Sinopec
OKLAHOMA CITY (AP) -- Chesapeake Energy has completed the sale of a 50 percent stake in 850,000 acres in northern Oklahoma, for $1.02 billion in cash, to Sinopec, the Chinese energy company.
The companies created a joint venture to drill in the area and future exploration and development costs will be shares by both, Chesapeake Energy LP said Monday. The Oklahoma City company will perform all leasing, drilling, completion, operations and marketing activities for the joint venture.
Chesapeake received approximately 93 percent of the payment from Sinopec International Petroleum Exploration at closing.
