Chesapeake Asset Sale

According to this news release, Chesapeake has sold a 32.5% interest in its Marcellus Shale assets for $3.375 to StatoilHydro, including approximately 1.8 million net acres of leasehold (StatoilHydro now owns approximately 0.6 million net acres and Chesapeake owns approximately 1.2 million net acres).  It received $1.25 billion in cash at the closing and will receive the remainder through funding of its share of drilling and completion expenditures.