Statoil has signed an agreement with Chesapeake which will add approximately 59,000 net acres to Statoil's current 600,000 net acre positions in the Marcellus Shale.
The cost to Statoil of the transaction is U.S. $253 million, with an average acreage cost of U.S. $4,325 per acre.
As part of Statoil's joint venture agreement with Chesapeake in 2008, Statoil has the right to periodically acquire its share of leasehold that Chesapeake continues to acquire in the Marcellus Shale. Statoil has now exercised such acquisition rights on a series of Chesapeake Marcellus Shale acquisitions.
Statoil has seen very encouraging production performance since the entry into the Marcellus play in late 2008. This new acreage is expected to strengthen the position of Statoil and its cooperation with Chesapeake as the largest lease holder in one of the most prospective U.S. shale gas plays.
This acquisition will enable the partnership to optimize its development activity and secure additional developments in the play. Statoil expects to continue to grow its Marcellus position together with Chesapeake.
Andy Winkle, VP for the Marcellus Asset, said, "We were an early mover into the Marcellus and we will continue to build a long term position in what we expect will become a legacy asset and reach our goal of 50,000 boepd production by 2012."
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