Acquisitions & Divestitures

Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) has closed its acquisition of a 50% interest in joint-venture agreement with Ontario-based Epsilon Energy Ltd. (Toronto: EPS) to develop its Marcellus shale holdings for a total deal value of $100 million.

Chesapeake paid $5 million in cash up front and will carry the first $95 million of Epsilon's 50% share of leasehold, drilling, completing, equipping and gathering costs. The carry obligation is expected to be completed by August 2012.

The joint venture involves a total 11,500 net acres (5,250 net to Chesapeake) ...