Chesapeake Energy has handed its entire position in the Barnett shale to private equity-backed Saddle Barnett Resources after the pair successfully renegotiated the US shale giant’s onerous midstream contracts.
Saddle, which is backed by private equity player First Reserve, will gain control of 215,000 net acres producing about 65,000 barrels of oil equivalent per day (96% natural gas) from 2800 operated wells with 81 million barrels of oil equivalent of proven reserves.
Chesapeake
