Chesapeake sells its ‘northern’ Eagle Ford acreage

The Oklahoma-based Chesapeake Energy Corp. has been trying to shed some of its Eagle Ford Shale acreage for a while now, and it has a buyer.

The Dallas-based EXCO Operating Co. LP, a subsidiary of EXCO Resources Inc. will pay $1 billion for property in the Eagle Ford and in the Haynesville Shale in Louisiana.

In what Chesapeake calls it’s ‘northern’ block of the Eagle Ford, EXCO will acquire about 55,000 net acres in Zavala, Dimmit, La Salle and Frio counties.

That property includes 120 producing wells with average net daily production in May of approximately 6,100 barrels of oil equivalent – a mix of crude oil, natural gas liquids and dry natural gas.

The Haynesville sale includes Chesapeake’s operated and non-operated interests in 9,600 net acres in Desoto and Caddo parishes.  Average net daily production from the Haynesville properties was around 114 million cubic feet of natural gas equivalent in May.

You can read the EXCO release here and the Chesapeake release here.

- Jennifer Hiller

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