Chesapeake Energy Corp. recently entered into an agreement to sell its remaining natural gas-heavy property in the Western Anadarko Basin for $385 million to FourPoint Energy, a privately held exploration and production company based in Denver.
The assets to be acquired include an interest in nearly 3,500 producing wells primarily in the Granite Wash, Missourian Wash, Upper and Lower Cleveland and Tonkawa formations, according to a recent release issued by FourPoint. The production mix is approximately 67 percent natural gas and 33 percent oil and natural gas liquids. The assets cover approximately 473,000 net acres within 15 counties in Western Oklahoma and the Texas Panhandle and are 98 percent held by production.
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