Chesapeake Energy Corp. has completed the sale of $750 million of perpetual preferred shares of its newly formed entity CHK Utica LLC, the Oklahoma City-based producer said Monday.

Last month Chesapeake completed the sale of $500 million of perpetual preferred shares of CHK Utica LLC to EIG Global Energy Partners (see Shale Daily, Nov. 4). In the second and final offering shares were placed with a co-investment vehicle managed by EIG consisting of limited partners and qualified EIG employees, Blackstone Group affiliate GSO Capital Partners LP and the private asset management firm Magnetar Capital, Chesapeake said.

CHK Utica owns about 700,000 net leasehold acres within an area of mutual interest in the Utica Shale in 13 counties primarily in eastern Ohio.

Chesapeake holds all the common interests in CHK Utica. The company's average net revenue interest on its Utica Shale leasehold is about 83%, which it said compares favorably to net revenue interests in the Haynesville, Barnett and Eagle Ford shale plays of 75%.

Chesapeake has committed to drill a minimum of 50 net wells a year through 2016, up to a minimum cumulative total of 250 net wells.

In another move to monetize a portion of its 1.5 million net acres in the Utica Shale of Ohio, Chesapeake last month announced that it had a letter of intent with an undisclosed "international major energy company" under which the foreign company would acquire an undivided one-quarter stake in 650,000 net acres of the Utica play in the wet natural gas area. The transaction, which would cover all or a portion of 10 counties in eastern Ohio, is worth about $15,000/acre net.

And CEO Aubrey McClendon recently said Chesapeake plans to sell stakes in at least three more onshore U.S. shale plays (see Shale Daily, Nov. 7).