Ousted Chesapeake Energy CEO Aubrey McClendon is clawing his way back.
McClendon, who launched Oklahoma City-based American Energy Partners last year, announced Monday a $4.3 billion deal to lease acreage across shale formations in Texas, West Virginia and Ohio.American now controls 280,000 acres in the Utica Shale, a gas-rich formation centered in Ohio. The deal Monday marked American’s first entry into West Texas’ Permian Basin, where it now controls 63,000 acres, primarily in Reagan and Irion counties.
The company plans to have six to eight rigs operating in the Permian by the end of next year, with plans to drill close to 2,000 wells there over the next decade. “The company intends to increase its position in the Permian through additional acquisitions over time,” a statement from American read.
Read more: http://bizbeatblog.dallasnews.com/2014/06/mcclendons-american-energy-announces-4-3-billion-shale-deal-in-texas-ohio-west-virginia.html/