One-Page Deal Sheet
Chesapeake and Plains Enters Haynesville Shale JV
Plains Exploration & Production Company Chesapeake Energy Corp
Announced Date
July 01,2008
Close Date
July 01,2008
Transaction Type
JV
Enterprise Value (EV)($MM)
1650
Asset/Basin:
{"Haynesville Shale","Bossier Shale"}
TargetZones:
{"Haynesville Shale"
Net Acres
Location
Calculated Metrics( EV/Category)
Region
Ark-La-Tex
Country
United States
State
Texas
Play
Calculated Metrics( EV/Category)
$/ Acre
$/Location
Transaction Details: Require Private Equity Subscription
Chesapeake and Plains Exploration announced they have entered into a Haynesville Shale joint venture (the JV) in North Louisiana and East Texas.
PXP has agreed to acquire a 20% interest in Chesapeake's Haynesville Shale leasehold as of June 30, 2008 for $1.65 billion in cash. In addition, PXP has agreed to fund 50% of Chesapeake's 80% share of drilling and completion costs for future Haynesville Shale JV wells over a several year period until an additional $1.65 billion has been paid. Chesapeake estimates that its Haynesville leasehold as of June 30, 2008 was approximately 550,000 net acres…
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