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Bracewell Represents Chesapeake in Sale of Stock Related to Utica Shale Joint Venture

November 15, 2011

HOUSTON — Bracewell & Giuliani is representing Chesapeake Energy Corporation (NYSE: CHK) in connection with its Utica Shale joint venture with EIG Global Energy Partners LLC ("EIG"). The joint venture was accomplished via Chesapeake's contribution of substantial Utica Shale acreage to a newly-formed entity (CHK Utica LLC) and the sale of perpetual preferred shares in CHK Utica LLC in two tranches.

The first tranche consisted of a $500 million sale of perpetual preferred shares to EIG that closed on November 1, 2011. Chesapeake expects to sell up to an additional $750 million in preferred shares by November 30, 2011, bringing the total size of the joint venture to $1.25 billion.

Bracewell attorneys who worked on the matter include:

Partners: G. Alan Rafte and Elizabeth L. McGinley

Associates: Michael De Voe Piazza