Chinapeake Energy (formerly Chesapeake) finally unloaded its Marcellus acreage for a whopping $574 per acre. After trashing as much of the landscape as they could get away with. Then crooked the landowners. And after writing New York’s draft HVHF regulations. And New York’s Compulsory Integration law. Turning Shelley DePue’s Bubbling Annulus into a fracking icon. And corrupting a politician or two. That Chinapeake Energy.
The kind of frackers that made fracking a four letter word. Just bailed on NE Pa.
“Dear Partner in Glorious 100 Year Supply of Natural Gas,
Your lease been sold. Have nice day.
Frak Kin Ho
Chairman, Chinapeake Energy”
Chesapeake Sells Marcellus Acreage To Southwestern At $574 Per Acre
This morning, Southwestern Energy (SWN) announced a definitive agreement to acquire approximately 162,000 net acres of leasehold located in Northeast Pennsylvania prospective for the Marcellus Shale from Chesapeake Energy (CHK) and Statoil (STO) for approximately $93 million. The key acreage is located in Susquehanna, Wyoming, Tioga and Sullivan counties. The acreage is mostly undeveloped — current net production from these properties is approximately 2 MMcf/d from 17 gross wells (1.2 net wells).read more »
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As McClendon put it in a conference call with Wall Street analysts a few years ago, “I can assure you that buying leases for x and selling them for 5x or 10x is a lot more profitable than trying to produce gas at $5 or $6 per million cubic feet.”
Read more: http://www.rollingstone.com/politics/news/the-big-fracking-bubble-the-scam-behind-the-gas-boom-20120301#ixzz2RxkeF7bY
OOOOOOPS