http://www.finanznachrichten.de/nachrichten-2014-10/31705900-chesap...

WASHINGTON (dpa-AFX) - Chesapeake Energy Corp. (CHK) has executed a purchase and sale deal to sell assets in the Southern Marcellus Shale and a portion of the Eastern Utica Shale in West Virginia to Southwestern Energy Co. (SWN) for aggregate proceeds of $5.375 billion. The transaction may close in the fourth quarter of 2014.

Chesapeake would sell nearly 413,000 net acres and about 1,500 wells in Northern West Virginia and Southern Pennsylvania, of which 435 are in the Marcellus and Utica formations, along with related property, plant and equipment. Average net daily production from these properties was around 56,000 barrels of oil equivalent or boe during September, comprising 184,000 Mcf of gas, 20,000 barrels of natural gas liquids and 5,000 barrels of condensate. 

As of December 31, 2013, net proved reserves associated with these properties were nearly 221 million barrels of oil equivalent or mmboe. 

Pursuant to this transaction, Southwestern would assume a part of Chesapeake's firm transportation and processing capacity commitments. Based on that capacity and expected future commitments, Southwestern's preliminary plans are to start with 4 to 6 rigs in 2015 and increase to 11 rigs by 2017. 

In addition, Southwestern Energy anticipates to drill for a minimum of 20 years maintaining that 11-rig pace. By the end of 2017, the reserve mix for the company is estimated to be nearly one third each for the Fayetteville, northeast Marcellus and the newly acquired West Virginia and Pennsylvania properties as compared to the roughly two thirds for the Fayetteville and one third northeast Marcellus today.

Looking ahead, Chesapeake expects full-year production guidance for 2015 to remain in the range of 7-10% growth from 2014 levels adjusted for asset sales.