As part of its continuing effort to sell assets and raise cash, Chesapeake Energy Corp. has put on the market more than 57,000 net acres of leasehold in the oil-rich Woodbine in East Texas.
The oil-rich leases are for a rock layer beneath the Eagle Ford shale and above the Buda Limestone formation.
The assets for sale include four 90 percent-operated Woodbine wells, five 100 percent-operated vertical Subclarksville and Bossier wells and one non-operated Subclarksville vertical well, according to a prospectus posted on the website of Meagher Energy Advisors, which is helping Chesapeake with the sale.
Meagher Energy Advisors also is working with Chesapeake on its sale of 500,000 net acres in Wyoming and Colorado.
Chesapeake has said it plans to sell $9.5 billion to $11 billion by the end of the year as part of its plan to pay down debt and fund its increasing oil and natural gas liquids production.
Chesapeake has said it plans to sell off noncore assets it defines as areas where it is not either the No. 1 or No. 2 leaseholder. The Woodbine leasehold is part of the non-core assets Chesapeake has said it plans to sell.