NEW YORK Chinas
Sinopec International Petroleum Exploration & Production
Corp. (Sinopec) is buying a 50-percent interest in 850,000
acres of Chesapeake Energy Corp.s Mississippi Lime
leasehold in northern Oklahoma.
Beijing-based Sinopec will pay $1.02 billion for the oil and
natural gas play, which produced 34,000 barrels of oil
equivalent per day in the fourth quarter of last year,
according to Oklahoma City-based Chesapeake. As of Dec. 31,
there were proven reserves of 140 million barrels of oil
equivalent associated with the assets, which Chesapeake will
continue to operate.