Chesapeake Energy Corporation To Sell Wells In Wyoming, Colorado-Reuters

Reuters reported that Chesapeake Energy Corporation has put 504,000 acres in the DJ Basin in Wyoming and Colorado up for sale, as the U.S. energy company scrambles to raise cash to close a $9 billion to $10 billion funding shortfall. Chesapeake, which earlier this month arranged a pricey $4 billion loan from its investment bankers to tide it over, has said it will sell as much as $11 billion in assets this year. The DJ Basin deal includes oil and gas production from 29 wells that the company operates and Chesapeake's interest in 24 non-operated wells, according to a prospectus on the assets. Part of the acreage is in the Niobrara shale, an area the company's Chief Executive Officer Aubrey McClendon characterized as disappointing in February.