Vinson Reps CNOOC In $1.3B Chesapeake Oil, Gas Buy

Law360, New York (February 1, 2011, 12:23 PM EST) -- Chinese state-owned petro giant CNOOC Ltd. has agreed to buy a one-third stake in Chesapeake Energy Corp.'s Colorado and Wyoming oil and gas holdings, in a $1.3 billion cash deal that marks the companies' second in less than four months.

CNOOC will pay Oklahoma City-based Chesapeake $570 million at closing — expected during the first quarter — and will pay an additional $697 million to fund drilling and other costs through 2014, the companies said Sunday.

Chesapeake will operate the project. The company currently operates 16...
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