Chesapeake to sell its entire position in Bakken tight oil play

Selling: Chesapeake’s chief executive Aubrey McClendon is retiring on 1 April

Chesapeake Energy is selling its entire position in the Bakken tight oil play after once targeting the area for what it hoped would be a lucrative joint venture.

The US shale giant is selling 427,000 net acres in North Dakota and Montana after admitting that the geological concept behind its leasing push in 2010 to 2011 was flawed, and stating that it does not have the time or money to prove up secondary targets, according to sales documents seen by ­Upstream.

The acreage is concentrated in Stark and Hettinger counties, where the company holds 175,800 and 100,600 acres respectively.

The leases in the Williston ­basin in North Dakota and Montana lie along what is believed to be the southern edge of…

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