Chesapeake Energy Corp., Oklahoma City, has put 503,863 net acres of its oil and natural gas holdings in the Denver-Julesberg basin up for sale. The acreage includes the Niobrara shale play of northern Colorado.
Meagher Energy Advisors issued a prospectus on behalf of Chesapeake saying the acreage is separated into five areas. The holdings are spread across various counties in Colorado and Wyoming, including the Colorado counties of Arapahoe and Weld.
Chesapeake is selling various assets in efforts to raise up to $11.5 billion to help reduce debt.
Previously, Chesapeake announced a $4 billion unsecured term loan syndicated to a large group of institutional investors (OGJ Online, May 15, 2012).