February 25, 2013

In a short but telling news release, Chesapeake Energy (ticker: CHK) announced Sinopec will purchase a 50% undivided interest in CHK’s 850,000 net acres of the Mississippi Lime play in northern Oklahoma. The price tag: $1.02 billion in cash, or approximately $2,400 an acre to the 8/8ths. CHK will remain operator and JV costs will be shared proportionally going forward.