EXCO Unit To Pay $1B For Chesapeake Shale Plays

Law360, New York (July 3, 2013, 2:36 PM EDT) -- Chesapeake Energy Corp. will sell $1 billion worth of assets in two shale properties to a subsidiary of Texas-based EXCO Resources Inc., the energy giant announced Wednesday.

The sale covers $680 million worth of assets in in the Northern Eagle Ford shale formation in Texas and another $320 million worth of property in Lousiana's Haynesville shale formation. The transaction will push Chesapeake's asset sales to $3.6 billion this year, CEO Doug Lawler said.

Lawler added that those funds, combined with the company's projected cash flow, will...
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