Chesapeake VPP

Posted on January 6, 2009 by Vorys

According to this press release, Chesapeake has raised $412 million through a volumetric production payment transaction (VPP) with Argonaut Private Equity, financed by Goldman Sachs Group's GS Loan partners.  It involves assets in the Anadarko and Arkoma basins with proved reserves of approximately 98 billion cubic feet equivalent and current net production of approximately 60 million cfe per day.

Argonaut is controlled by Oklahoma billionaire George B. Kaiser, who also recently bought $50 million of shares in another gas producer, Sand-Ridge Energy Inc.  See here (WSJ, subscription needed).

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