Total Pays $2.3B For Stake In Ohio Shale Play

Law360, New York (January 3, 2012, 1:50 PM EST) -- French oil and gas giant Total SA will pay Chesapeake Energy Corp. and EnerVest Ltd. affiliates more than $2.3 billion for a 25 percent stake in a joint venture in the Utica shale play in Ohio, the companies announced Tuesday.

Looking to expand its U.S. position, Total has paid Oklahoma City-based Chesapeake and Houston-based EnerVest about $700 million and committed to an additional $1.63 billion in the form of a 60 percent carry of those companies' future capital expenditures on drilling and well completion.

The joint...
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