Chesapeake announced the sale of their Ohio Utica interests today after the market closed.
Chesapeake Energy Corporation (CHK) today announced that it has entered into an agreement to sell its interests in the Utica Shale operating area located in Ohio for approximately $2.0 billion to Encino Acquisition Partners, a private oil and gas company headquartered in Houston, Texas. The transaction, which is subject to certain customary closing conditions, including the receipt of third-party consents, is expected to close in the fourth quarter of 2018. The purchase price includes a $100 million contingent payment based on future natural gas prices and is subject to adjustment for certain customary items at or following closing. Chesapeake intends to use the anticipated net proceeds to reduce debt.
not sure why they need/would ask for your consent......a lawyer may know
I just think that logically, every landowners consent is not possible....can't ever get 3 people to agree on dinner!
Here's a nice article from Farm & Dairy on assigning leases. See the link.....
If Chesapeake sold all their Utica assets,why are they still getting permits to drill?
The sale is supposed to close in the 4th qtr. Under the deal they were obligated to continue drilling and completing wells.
does CHK understand the meaning of the word "obligated"? actual D&C expenditures will reveal "their" definition.