Oklahoma City-based natural gas producer Chesapeake said Monday it is selling its remaining assets in Eagle Ford to Houston-based SilverBow Resources for $700 million to complete its exit from the south Texas basin. Chesapeake’s asset sales in the basin generated total proceeds of more than $3.5 billion. Chesapeake said last year the Eagle Ford acreage was no longer core to its strategy, and it will focus on Haynesville and Marcellus.
Chesapeake is selling 42,000 net acres and about 540 wells in Dimmitt and Webb counties along with related property, plant and equipment. Production in 2Q was 29,000 boed (60 percent liquid).
