Total Buys Chesapeake Shale Assets For $2.25B

Law360, New York (January 4, 2010, 12:58 PM EST) -- Total SA subsidiary Total E&P USA Inc. will acquire 25 percent of Chesapeake Energy Corp.'s upstream Barnett Shale natural gas assets through a $2.25 billion joint venture agreement, Chesapeake announced Monday.

Total will pay $800 million in cash at closing and $1.45 billion by funding 60 percent of Chesapeake's share of drilling and completion expenditures, Chesapeake said in a statement.

Chesapeake said it expected the transaction to close by the end of January, and for Total's $1.45 billion obligation to be funded by the end of...
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