This morning, Chesapeake Energy (NASDAQ:CHK) announced it would sell various Eagle Ford and Haynesville shale assets to Exco Resource (XCO) for about $1 billion. Chesapeake Energy has announced previously that it plans to pay down its debt through asset sales and the deal with Exco Resources will help close the $3.5 billion funding gap the company this year. The Eagle Ford assets being sold span approximately 55,000 acres and produce about 6100 barrels per day, while the Haynesville assets span Texas, Arkansas and Louisiana and produced 114 million cubic feet in May. In early trading, shares of Exco Resources were higher by 2.4% while shares of Chesapeake gained 0.7%.
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