Ex-Chesapeake CEO McClendon starts Oklahoma drilling venture

Mon Feb 24, 2014 12:58pm EST

Feb 24 (Reuters) - A firm backed by former Chesapeake Energy Corp Aubrey McClendon said on Monday it has raised nearly $700 million in financing to acquire acreage and production in central Oklahoma.

American Energy Woodford LLC (AEW) is backed by private equity investor Energy & Mineral Group and AEW management. Energy & Minerals Group has backed a similar McClendon oil and gas venture in Ohio.

Proceeds will initially be used to acquire about 120,000 net acres and about 6,000 barrels oil equivalent per day in the Woodford Shale and Mississippi Lime formation, AEW said in a statement.

The assets are being acquired from four sellers including Calyx Energy LLC and Liberty Energy LLC.

Since leaving Chesapeake in April, McClendon has raised nearly $4 billion in cash and financing to invest in North American shale formations.

He has also filed to raise up to $2 billion to buy and drill oil and gas properties within the United States through a partnership called American Energy Capital Partners LP.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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