Sinopec To Pay $1B For Half Of Chesapeake Okla. Gas Play

Law360, New York (February 25, 2013, 3:03 PM EST) -- Chesapeake Energy Corp. has agreed to sell a 50 percent stake in nearly 1 million acres of its natural gas play in northern Oklahoma to a subsidiary of China Petroleum & Chemical Corp. for roughly $1 billion, the Oklahoma City-based company announced Monday.

The seller said the Chinese company, commonly called Sinopec, would invest $1.02 billion in cash to form a 50-50 joint venture operating 850,000 acres in Chesapeake's Mississippi Lime play. Sinopec will pay roughly $930 million at closing, with the remaining $70 million subject...
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