Chesapeake Energy announced yesterday that it will partner with Plains Exploration & Production Co. on the Haynesville Shale. Plains will acquire a 20 percent interest in the leasehold in north Louisiana and East Texas for $1.65 billion in cash. Chesapeake estimates its leasehold at 550,000 net acres, and Plains will own about 110,00 of that.
Headquartered in Oklahoma City, Chesapeake is the third largest producer of natural gas in the nation. Plains Exploration is based in Houston. Read "Chesapeake and PXP Announce Haynesville Shale Joint Venture."