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Gold/Mining/Energy : Chesapeake Energy CHK
CHK 16.65+18.5%12:45 PM EDT

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From: JakeStraw11/11/2008 8:16:08 AM
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Chesapeake, StatoilHydro announce alliance, joint venture in Marcellus Shale

StatoilHydro will pay $3.375 billion for a 32.5 percent interest in Chesapeake's assets in the so-called Marcellus Shale geologic formation -- about 1.8 million net acres -- in the Appalachian region. Oklahoma City-based Chesapeake would retain the remaining 67.5 percent interest in the assets.

StatoilHydro will pay $1.25 billion of the amount in cash at closing and $2.125 billion from 2009 to 2012 by funding 75 percent of Chesapeake's share of drilling and completion expenditures.
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