One-Page Deal Sheet
Total, Chesapeake Announce Barnett Shale JV
Total SA Chesapeake Energy Corp
Announced Date
January 04,2010
Close Date
January 26,2010
Transaction Type
JV
Enterprise Value (EV)($MM)
2250
Asset/Basin:
{"Barnett Shale"}
TargetZones:
{"Barnett Shale"}
Net Acres
Net Operated Locations:
Proved Reserves
Location
Calculated Metrics( EV/Category)
Region
Mid-Continent - North Texas
Country
United States
State
Texas
Play
Production & Reserves Production
Production Mix
Reserves
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
$/Location
Production ($/Mcfe/d)
Transaction Details: Require Private Equity Subscription
Chesapeake Energy Corp. announced a $2.25 billion joint venture agreement with Total E&P USA Inc. in which Total will acquire a 25% interest in Chesapeake’s upstream Barnett shale assets.
The transaction covers 270,000 net acres of Chesapeake’s Barnett shale leasehold that accounts for 700 MMcfd of gas equivalent of current net production and proved reserves of 3 tcf of gas equivalent.
Total will pay $800 million upon the transaction’s closing, expected by Jan. 31 and subject to regulatory approvals. In addition, Total will pay $1.45 billion by financing 60% of Chesapeake’s drilling and…
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