Chesapeake Energy has retained Meagher Energy Advisors to sell certain northern Michigan assets.
The package includes leasehold overlying the Silurian A-1 Carbonate and the Ordovician Collingwood shale covering approximately 450,000 net acres in Antrim, Bay, Charlevoix, Cheboygan, Clare, Crawford, Emmet, Gladwin, Grand Traverse, Isabella, Kalkaska, Missaukee, Montimorency, Ogemaw, Osceola, Oscoda, Otesgo, Presque Isle, Roscommon and Wexford counties. The majority of acreage lies on state lands and features an average 80% net revenue interest.
Chesapeake has altered its plans to develop all of its highly-prospective unconventional acreage, and instead will be focusing in other plays where it has amassed a more significant land position.
Upside includes potential development of oil-rich carbonate formations such as the Devonian Dundee and Detroit River.
Alaska lawmakers told there could be another 100 billion barrels of oil waiting to be discovered in the original source rocks that fueled Prudhoe Bay.
KMP has acquired all of Copano’s outstanding units for a total purchase price of approximately $5 billion, including the assumption of debt.