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BREAKING 6-16-08 Chesapeake & Goodrich Petroleum: $178M Joint Venture in Caddo & Desoto
According to The Times, the area involved pertains to the the approximately 10,250 net acres of oil and natural gas leasehold comprised of a 20 percent working interest in approximately 25,000 net acres in the Bethany-Longstreet field, and a 50 percent working interest in approximately 10,500 net acres in the Longwood field.
Chesapeake has also agreed to purchase 7,500 net acres of deep rights in the Bethany-Longstreet field from a third party, bringing the ownership interest in the deep rights in both fields after closing to 50 percent each for Goodrich and Chesapeake. Chesapeake will be the operator of the joint venture for the Haynesville Shale development and closing is expected to occur on or before July 15.
Goodrich is retaining the shallow rights (through the base of the Cotton Valley sand) and the existing production and reserves with respect to its 70 percent interest in the Bethany-Longstreet field and its 100 percent interest in the Longwood field and is retaining its interest in both the shallow and Haynesville Shale rights on all of its East Texas assets.
Horizontal development of the Haynesville Shale for the joint venture is expected to commence in the 2008 third quarter with one rig dedicated to the play and a second rig to be added during the 2008 fourth quarter.
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