Chesapeake expands undeveloped Barnett shale acreage

By OGJ editors
HOUSTON, Jan. 9 -- Chesapeake Energy Corp. plans to acquire 8,600 net undeveloped leasehold aces in Barnett shale in Tarrant and Johnson counties from Paloma Barnett LLC.

Financial terms of the deal were not disclosed. Chesapeake now has 255,000 net acres of leases in the Barnett shale, and the company's drilling inventory in the play has expanded to more than 2,800 net locations.

In addition, Chesapeake announced a land services agreement in which Paloma agreed to work on an exclusive basis on Chesapeake's behalf in certain areas of Tarrant County to acquire leases.

The arrangement complements similar LSA agreements for the Barnett shale that Chesapeake has with Dale Property Services LLC, Four Sevens Oil Co., Ltd., and Western Production Co. (OGJ Online, Nov. 8, 2007).

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