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Chesapeake Gets Court Approval for MidContinent Asset Sale
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Bankrupt Chesapeake Energy Corp. has gotten approval from the bankruptcy courts to pursue the sale of its Midcontinent assets, according to multiple reports.
In recent years, the company has curtailed spending in the region in favor of its Powder River Basin assets - making these assets an unsurprising target for a sale.
The courts have set a deadline of October 22, 2020 to obtain a stalking horse bid that would set the bar for the sale value. Any other bids would be accepted until October 29, 2020, with the final auction taking place around November 10.
Asset Overview
Chesapeake has over 700,000 net acres in the MidContinent region. As of Q2 2020, the asset was producing at 12 MBOEPD (down from 25 MBOEPD a year ago).
The company exited its other position in the region (the Mississippi Lime) back in February 2018, selling the associated assets to Mach Resources for $500 million.
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