Chesapeake Energy sells assets from Haynesville shale area

HAYNESVILLE, LA - Covey Park Energy LLC, a Dallas, Texas-based independent oil and gas exploration and production company, announced the closing of the acquisition of additional assets located in the Haynesville shale area of North Louisiana from Chesapeake Exploration, LLC and related companies (“Chesapeake”) for $465 million.

Covey Park funded a portion of the Chesapeake acquisition with additional equity investments from its existing investor Denham Capital, as well as incremental debt commitments from its core lender group. 

To fund the balance of the acquisition and to support growth initiatives, Covey Park issued preferred equity to Magnetar Capital, KKR (through the Energy Income & Growth Fund) and Triangle Peak Partners.  

Last year Chesapeake Energy announced plans to bring 140 wells online in the Haynesville Shale by the end of 2017.

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