Chesapeake is on pace to surpass 100,000 boe/d of net Eagle Ford production in the fourth quarter. Average production in the third quarter was 211,000 gross (95,000 net) boe/d from the play.
EXCO Resources completed the acquisition of Eagle Ford assets in the third quarter and ended September producing approximately 7,600 boe/d from the play.
Immediately following the Chesapeake deal, the company sold a 50% interest in the undeveloped portion of acquired assets to KKR for $131 million, so the two are partners with CNOOC in the Eagle Ford. [Read more…]
Chesapeake has agreed to sell approximately 55,000 net acres in Dimmit, Frio, La Salle, and Zavala counties to EXCO Resources for $680 million. The deal adds a new operating area for EXCO. The company currently operates rigs in West Texas, East Texas & North Louisiana, and the Marcellus Shale region.
The sale is part of Chesapeake’s plans to raise $4-7 billion through assets sales in 2013.