Goodrich Petroleum Corporation and Chesapeake Energy Corporation today announced that Chesapeake has agreed to pay Goodrich approximately $178 million for the deep rights to approximately 10,250 net acres of oil and natural gas leasehold comprised in approximately 25,000 net acres in the Bethany-Longstreet field and a 50 percent working interest in approximately 10,500 net acres in the Longwood field.
Chesapeake has also agreed to purchase 7,500 net acres of deep rights in the Bethany-Longstreet field from a third party, bringing the ownership interest in the deep rights in both fields after closing to 50 percent each for Goodrich and Chesapeake. Chesapeake will be the operator of the joint venture for the Haynesville Shale development.
Horizontal development of the Haynesville Shale for the joint venture is expected to commence in the 2008 third quarter with one rig dedicated to the play and a second rig to be added during the 2008 fourth quarter.
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