Chesapeake Energy Acquires Barnett Shale Assets From Harding Energy Partners

(financialwire.net via COMTEX) -- XOM | Quote | Chart | News | PowerRating -- October 2, 2008 (FinancialWire) -- Natural gas producer Chesapeake Energy Corp. (NYSE: CHK | Quote | Chart | News | PowerRating) has acquired core Barnett Shale assets from Harding Energy Partners LLC as part of a sales agreement executed right after Harding purchased the assets from DDJET Limited LLP.

Exxon Mobil (NYSE: XOM), which operated the DDJET partnership through its subsidiary Metroplex Barnett Shale LLC, had core Barnett Shale assets included in the sale.

The DDJET Limited partnership was established two years ago to stimulate natural gas production in Tarrant, Johnson, Ellis, Dallas, Denton, Navarro, Collin and Hill counties.

Harding Energy decided to sell the assets for an undisclosed price to focus on development of 146,000 net acres of gas-rich land in East Texas' James-Limestone shale and its 65,000-net acres in the Haynesville Shale.

The company also is exploring 50,000 acres in Southeast Mississippi and a lease in West Texas.

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