One-Page Deal Sheet
CNOOC To Acquire Eagle Ford Acreage From Chesapeake
CNOOC Limited Chesapeake Energy Corp
Announced Date
October 10,2010
Close Date
November 16,2010
Transaction Type
JV
Enterprise Value (EV)($MM)
2200
Asset/Basin:
{"Eagle Ford"}
TargetZones:
{"Eagle Ford Shale",
Net Acres
Location
Calculated Metrics( EV/Category)
Region
Gulf Coast - South Texas
Country
United States
State
Texas
Play
Calculated Metrics( EV/Category)
$/ Acre
Transaction Details: Require Private Equity Subscription
Chesapeake Energy Corporation and CNOOC Limited announced the execution of an agreement whereby CNOOC International Limited, a wholly-owned subsidiary of CNOOC Limited, will purchase a 33.3% undivided interest in Chesapeake's 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale project in South Texas.
The consideration for the sale will be $1.08 billion in cash at closing, subject to adjustment. In addition, CNOOC Limited has agreed to fund 75% of Chesapeake's share of drilling and completion costs until an additional $1.08 billion has been paid, which Chesapeake expects to…
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