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2014-06-09 21:15:00

MCCLENDON BUYING $4.25 B SHALE

MCCLENDON BUYING $4.25 B SHALE

Aubrey McClendon's firm American Energy Partners LLP on Monday said it plans to buy shale oil and gas assets for $4.25 billion, the former Chesapeake Energy Corp CEO's biggest deal package yet in an aggressive bid to build a new company.

McClendon, who co-founded Chesapeake in 1989 and built it into the second largest U.S. producer of natural gas, was pushed out of the company in April last year after he clashed with the board over spending and a governance crisis.

Since then, his Oklahoma City, Oklahoma-based American Energy Partners has secured commitments for $10 billion in financing and its biggest equity investor is Energy & Minerals Group, a Houston based private equity firm run by John Raymond, the son of former Exxon Mobil Corp CEO Lee Raymond.

American Energy, which according to a regulatory filing has about 200 employees including many that worked at Chesapeake, has so far been most active in the Utica shale in Ohio where it plans to drill thousands of wells, it said.

American Energy will enter Texas's Permian Basin by acquiring about 63,000 net acres (25,500 hectares) of production leases from Enduring Resources LLC for $2.5 billion.

The Permian properties are expected to have net production of about 16,000 barrels of oil equivalent per day.

The deals in Ohio and West Virginia, due to close in 60 days, are worth $1.75 billion and include prospective acreage and production.

American Energy will acquire about 27,000 acres of production leases in Monroe County, Ohio, from East Resources Inc and an unnamed private company.

The company is buying 48,000 acres of production leases in West Virginia from East Resources and a private company.

In prior deals, American Energy has agreed to buy acreage from Hess Corp, Exxon Mobil Corp and privately held Paloma Partners this year.

Citigroup and Goldman Sachs were financial advisors to McClendon's firms, while Sullivan & Cromwell LLP, Commercial Law Group, P.C. and Porter Hedges LLP acted as legal advisors. Jefferies LLC was the sellers banker and Baker Botts LLP acted as legal advisor.

reuters.com

Tags: USA, OIL, GAS, SHALE

Chronicle:

MCCLENDON BUYING $4.25 B SHALE
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

MCCLENDON BUYING $4.25 B SHALE
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

MCCLENDON BUYING $4.25 B SHALE
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

MCCLENDON BUYING $4.25 B SHALE
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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