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Chesapeake to Sell Property in Louisiana for $450M

Chesapeake Energy Corp. has announced plans to sell acreage and wells in northern Louisiana for about $450 million.

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OKLAHOMA CITY (AP) — Chesapeake Energy Corp. has announced plans to sell acreage and wells in northern Louisiana for about $450 million.

The Oklahoma City-based company said Monday that it will sell 78,000 acres — including 250 gas wells — in the Haynesville Shale to a private company. Chesapeake says it also plans to sell an additional 50,000 acres in northern Louisiana, and that deal is expected to close within the first three months of next year.

The energy company says it has agreed to sell about $2 billion in assets this year as it contends with low commodity prices.

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