Chesapeake Energy (CHK) and Plains Exploration (PXP) In Haynesville Shale Joint Venture
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Chesapeake Energy Corporation (NYSE: CHK) and Plains Exploration & Production Company (NYSE: PXP) entered into a Haynesville Shale joint venture in North Louisiana and East Texas.
PXP has agreed to acquire a 20% interest in Chesapeake’s Haynesville Shale leasehold as of June 30, 2008 for $1.65 billion in cash. In addition, PXP has agreed to fund 50% of Chesapeake’s 80% share of drilling and completion costs for future Haynesville Shale JV wells over a several year period until an additional $1.65 billion has been paid.
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