Chesapeake Energy Corp. closed its Marcellus Shale joint venture transaction with Norwegian producer StatoilHydro ASA. The transaction was announced in mid-November (see Daily GPI, Nov. 12). Chesapeake sold 32.5% of its Marcellus leasehold to StatoilHydro for $3.375 billion, with $1.25 billion received in cash at closing and $2.125 billion set aside to fund 75% of Chesapeake’s drilling and completion costs in the shale between 2009 and 2012. Prior to the transaction Chesapeake had 1.8 million net acres in the leasehold; StatoilHydro now owns 600,000 net acres. StatoilHydro also has the right to a 32.5% participation in any additional stake that Chesapeake acquires in the play.

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