[Editor’s note: This is a developing story. Check back for updates.]

Chesapeake Energy Corp. (NYSE: CHK) beat expectations with its second Haynesville sale in less than a month.

An affiliate of Covey Park Energy LLC agreed to pay about $465 million for a chunk of Chesapeake’s Haynesville acreage and producing properties in northern Louisiana. The sale includes roughly 41,500 net acres with about 50 million cubic feet per day of gas production, net to Chesapeake.

Chesapeake’s sale is a positive on earlier than expected timing and better than expected valuation, Tudor, Pickering, Holt & Co. (TPH) said in a Dec. 20 report.

The deal works out to about $7,500 per acre, after netting of an estimated $150 million of production value, TPH analysts said.

On Dec. 5, Chesapeake also agreed to sell 78,000 net Haynesville acres to an undisclosed buyer for about $450 million. In total, the company is expecting $915 million of gross proceeds from the sale of noncore Haynesville properties.

RELATED: Chesapeake Sells First Of Two Haynesville Packages For $450 Million

Chesapeake CEO Doug Lawler said that with its previous divestments and its two Haynesville deals, the company has either signed or closed transactions worth about $2.5 billion in gross proceeds in 2016—exceeding its goal for the year by about $500 million.

“We will continue to pursue opportunities to strengthen our balance sheet in 2017,” Lawler said in a statement.

Chesapeake plans to retain about 260,000 net acres in the core of the Haynesville. The company’s 2017 development program in the shale play will be focused on longer laterals and further enhanced completions, resulting in projected adjusted production growth of about 13% from its Haynesville operations in 2017.

The company expects both Haynesville transactions to close in first-quarter 2017.

Emily Patsy can be reached at epatsy@hartenergy.com.