BP America buys 25% Chesapeake stake - KSWO 7News | Breaking News, Weather and Sports

BP America buys 25% Chesapeake stake

London_Oklahoma City-based Chesapeake Energy is selling 25% of its stake in the Fayetteville shale in Arkansas to the British oil company BP PLC.

BP will pay $1.9 billion for the stake. As a result of the transaction BP will own approximately 135,000 net acres of the leasehold and Chesapeake will own approximately 405,000 net acres.

The companies say Chesapeake plans to continue acquiring leasehold in the Fayetteville shale play and bp will have the right to a 25% participation in any such additional leasehold.

Copyright 2008 by the Associated Press. All rights reserved.

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