Chesapeake, RKI E&P agree on Powder River acreage exchange

08/04/2014
Chesapeake Energy Corp. and RKI Exploration & Production LLC (RKI), both of Oklahoma City, have agreed to exchange nonoperated interests in 440,000 gross acres in the Powder River basin in southeastern Wyoming. The transaction, expected to close in August, calls for Chesapeake to convey to RKI 137,000 net acres and its interest in 67 gross wells, with an average working interest of 22% in the RKI-operated northern portion of the basin. Chesapeake will also pay RKI $450 million in cash. RKI will convey to Chesapeake 203,000 net acres and its interest in 186 gross wells, with an average working interest of 48% in the Chesapeake-operated southern portion of the basin. The deal consolidat...
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